The Finance Minister of Russia has reportedly confirmed that many companies in the country are now using Bitcoin (BTC) to engage in foreign trade and skirt Western sanctions.
Reuters reports that the Russian government has recently taken legislative measures to legalize the mining of the crypto king and other crypto assets, helping firms find ways around sanctions placed on them by the West.
As stated by Russian Finance Minister Anton Siluanov to Reuters earlier this week,
“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions). Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year.”
Earlier this month, Russian President Vladimir Putin said that the US government was undermining the use of the US dollar as a reserve currency, forcing nations to turn to other assets.
At the time, Putin cited Bitcoin as the top replacement for the US dollar as a reserve asset, noting that no nation could regulate it.
However, earlier this week, the Russian government reportedly said it’s planning on shutting down Bitcoin mining in 10 different regions throughout the nation starting on January 1, 2025 due to energy shortages.
The prohibition period affects both miners of mining pools and is expected to remain in effect until March 5th, 2031.
BTC is trading for $98,505 at time of writing, a fractional increase on the day.
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