Russia is ready to embrace foreign trade using digital financial assets (DFAs) and Bitcoin, as stated by Finance Minister Anton Siluanov.
Integration of Digital Financial Assets
In recent statements, Siluanov highlighted that the Russian government has put in place laws that allow for the use of DFAs and Bitcoin in international trade.
This initiative is part of a broader strategy to adapt to the evolving global financial landscape, ensuring that Russia remains a competitive player.
During an interview with the state-run Russia-24 news outlet, the finance minister explored alternatives to the US dollar for trade purposes.
He noted that the government had already begun integrating these digital financial tools into its foreign trade operations, with plans for further expansion.
Modern Financial Technology Adoption
Siluanov articulated that employing digital financial assets in foreign transactions makes sense given the current economic climate.
He pointed out that such a move leverages modern financial technology and signifies a transformation in global settlement methods, describing it as a visionary step into the future.
He also mentioned that since the pilot legal framework for DFAs took effect in September 2024, Russia is equipped to handle transactions involving these digital assets, including domestically mined Bitcoin.
Payment for goods can now be conducted with DFAs, affirming the legitimacy of the mining operations that were legalized earlier this year.
Regulatory Landscape and Future Outlook
Siluanov expressed the importance of nurturing and advancing these digital financial practices, with optimism that they will gain wider acceptance soon.
This enthusiasm for DFAs and Bitcoin signals a notable shift in Siluanov’s approach.
Just last November, he cautioned against viewing cryptocurrencies as quick-fix investment solutions, advising that even amidst Bitcoin’s rising prices, investors should consider more conventional investment strategies.
It’s important to note that Russia’s legal framework for Bitcoin, established in 2021 with the “On Digital Financial Assets” law, has officially recognized digital currencies.
However, these cryptocurrencies cannot be used as a payment method within Russia, creating a unique situation in the national regulatory landscape.
Source: Cointelegraph
