Russia has granted legal status to Bitcoin and cryptocurrencies.

26.12.2024 12:32

Russia's Finance Minister Anton Siluanov announced that the country has all the legal infrastructure in place to use Bitcoin (BTC) and digital financial assets (DFA) in foreign trade. He stated that under the experimental legal regime that will come into effect in September 2024, Bitcoin mined in Russia can be used in international transfers.

Russia continues its strategy of expanding alternative payment methods in the global trade system. Finance Minister Siluanov emphasized that the use of DFAs as an alternative to the US dollar is "quite understandable" for modern infrastructure, stating that this move represents an innovation in the global payment system.

RUSSIA OPENS THE DOOR TO FOREIGN TRADE WITH CRYPTOCURRENCY

Russia's cryptocurrency strategy has reached an important milestone. Finance Minister Anton Siluanov announced that the legal regulations regarding the use of Bitcoin and digital financial assets in foreign trade have been completed.

The Finance Minister also exhibited a cautious approach regarding cryptocurrency investments. Siluanov stated, "Some people see cryptocurrency as a source of quick profit. I do not recommend it as an investment tool."

The experimental legal regime, which came into effect in September 2024, allows Russia to actively use digital financial assets in foreign trade. The minister emphasized that this regulation represents an innovation in global payment systems and signals the "future."

Russia has granted legal status to Bitcoin and cryptocurrencies.

RUSSIA OPENS THE DOOR TO FOREIGN TRADE WITH CRYPTOCURRENCY

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