Russia is advancing its use of digital financial assets (DFAs) for foreign trade. The country is ready to leverage new legislation to experiment with innovative payment systems.
Finance Minister Anton Siluanov confirmed in a 25 December 2024 interview on Russia-24 that DFAs and Bitcoin are being utilized in international trade under the country’s experimental legal framework, which came into effect in September 2024.
These measures aim to provide alternatives to the US dollar in global settlements. Siluanov described the move as “the future” of trade.
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Russian Minister Says Bitcoin Can Be Used For International Payments
The minister highlighted the benefits of DFAs in enabling modern infrastructure for international transactions. “We can pay for the delivery of goods with digital financial assets,” he noted. He said that Bitcoin, mined within Russia, can also be used under the experimental regime.
This aligns with the government’s legalization of crypto mining earlier in the year, setting the stage for expanded use of digital assets in trade. Siluanov expressed confidence that DFA-based transactions would see significant development and scaling in the coming year.
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Despite embracing DFAs for trade, Siluanov remains cautious about cryptocurrency as an investment.
Speaking at an educational event in November, he warned the public against viewing cryptocurrencies as a quick-money scheme, emphasizing other investment avenues as more reliable.
His comments came as Bitcoin soared to record highs above $76,000, eventually breaking the $100,000 mark within a month.
Russia’s experimentation with DFAs marks a significant shift in its approach to digital assets. While the country officially recognized Bitcoin as a digital financial asset in 2021 through the “On Digital Financial Assets” bill, the law prohibits using cryptocurrencies as payment within its borders.
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Russia Approves Ban on Crypto Mining in 10 Regions
Recently, the Russian government approved a ban on cryptocurrency mining in 10 regions from January 1, 2025, to March 15, 2031, citing concerns over energy consumption and the risk of power outages.
The decree includes seasonal restrictions in energy-strained areas, reflecting a broader effort to regulate the energy-intensive crypto mining industry.
The ban will apply to regions such as Dagestan, Chechnya, and North Ossetia, as well as the Donetsk and Lugansk People’s Republics, among others.
Some areas, like parts of the Irkutsk Region, Buryatia, and Zabaikalsky Krai, will face temporary restrictions during peak energy consumption periods.
It is worth noting that the decision to impose mining restrictions came just weeks after the legalization of cryptocurrency mining in Russia. The country expects to collect up to 200 billion roubles ($2 billion) annually from newly introduced mining taxes.
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The post Russia Explores Digital Financial Assets For Foreign Trade, Finance Minister Confirms appeared first on 99Bitcoins.
