"Bitcoin Trade Transactions to Expand Further Next Year"
Russian companies have begun using Bitcoin and digital currencies for international trade settlements in response to Western sanctions.
Anton Siluanov, Russia's Minister of Finance, appeared on the Russia24 TV channel on the 25th (local time) and stated, "As part of an experimental system, we have allowed Bitcoin mined in Russia to be used for (overseas trade transactions)."
Minister Siluanov said, "Such transactions are already taking place," adding, "We believe these transactions should expand and develop further. I am confident that will happen next year."
Russia is facing difficulties in trade settlements with major partner countries such as China and T?rkiye due to Western sanctions. Local banks are very cautious in conducting related transactions to avoid scrutiny from Western regulatory agencies.
The Russian government passed a bill in July allowing the use of digital currencies such as Bitcoin in international trade. It also legalized the mining of virtual currencies including Bitcoin. As a result, Russia is leading the world in the field of Bitcoin mining.
Russian President Vladimir Putin said earlier this month that the U.S. government is undermining the role of the dollar as the key currency by using it for political purposes, forcing many countries to switch to alternative assets. As an example of alternative assets, he cited Bitcoin, stating that no one in the world can regulate Bitcoin. This remark suggests that President Putin supports the widespread use of virtual currencies.
Donald Trump, the U.S. President-elect set to take office in January next year, has also called himself the "Cryptocurrency President" and pledged during the election campaign to strategically stockpile Bitcoin like gold or crude oil.
According to the U.S. cryptocurrency information platform CoinGecko, around 7 p.m. Eastern Time on the same day, the price of one Bitcoin was trading near $99,129.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
