Russia Explores Digital Financial Assets For International Trade

According to Cointelegraph, Russia is actively exploring the use of digital financial assets (DFA) in international trade, as confirmed by Russian Finance Minister Anton Siluanov. In a recent interview on Russia-24, a state-owned news channel, Siluanov discussed alternatives to the US dollar for global trade transactions. He revealed that the Russian government has enacted legislation permitting the use of DFAs and Bitcoin (BTC) in foreign trade. Siluanov emphasized that these types of transactions are already being utilized and that Russia intends to further develop and expand their use. He noted that employing DFAs in foreign trade is a logical step given the current global economic climate, as it leverages modern infrastructure. Siluanov described this approach as an innovation in the global settlement system, suggesting it represents the future of international trade. The finance minister highlighted that Russia is authorized to use digital financial assets, including Bitcoin, for foreign trade under an experimental legal framework that took effect in September 2024. He explained that Russia can pay for goods using DFAs and even utilize domestically mined Bitcoin within this experimental regime. Siluanov also mentioned that Russia legalized cryptocurrency mining earlier this year, which facilitates such transactions. He expressed confidence that the development and expansion of these practices will become a reality in the coming year. In contrast to his support for DFAs in trade, Siluanov has previously cautioned against investing in cryptocurrencies. In November, he advised the public to avoid crypto investments, warning that some individuals view cryptocurrencies as a quick money-making opportunity. He stated that he does not recommend cryptocurrencies as an investment option, suggesting there are other viable ways to invest and earn profits. At the time of his warning, Bitcoin was experiencing all-time highs, surpassing $76,000 and approaching the $100,000 mark within a short period.