According to a senior government official, Russia has been actively experimenting with digital financial assets (DFAs) in foreign trade, in accordance with the country’s legislation. The Russian Finance Minister, Anton Siluanov, discussed alternatives to the US dollar for international trade in an interview on the state-owned news channel Russia-24 on December 25th.
Siluanov stated that the Russian government has passed legislation that authorizes foreign trades in DFAs and Bitcoin (BTC). He mentioned that such foreign trade transactions are already in use and that Russia plans to further develop and expand them.
In the interview, Siluanov explained that implementing DFAs in foreign trade as an alternative to the US dollar is “quite understandable” in the present circumstances, as it allows for the use of modern infrastructure. He described it as an innovation in the global settlement system and emphasized that it is the future.
Siluanov highlighted that Russia is free to use digital financial assets, including Bitcoin, in foreign trade under its experimental legal regime, which came into force in September 2024. He mentioned that it is possible to pay for the delivery of goods with digital financial assets and even use Bitcoin that is mined within the Russian Federation.
The finance minister also mentioned that Russia legalized mining earlier in the year, which is why such transactions are taking place. He expressed confidence that next year, the expansion and development of these transactions will become a reality.
It is worth noting that Siluanov’s latest remarks on DFAs and Bitcoin come after he warned the public against crypto investment in November. At that time, he stated that cryptocurrency should not be seen as a means of investment, as there are plenty of other ways to invest and make good money.
In 2021, Russia officially recognized Bitcoin as a digital financial asset through the bill “On Digital Financial Assets.” However, the law prohibits its use as a payment within the country.