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. 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 trade transactions in DFAs and Bitcoin (BTC). He mentioned that such foreign trade transactions are already being used and that Russia plans to further develop and expand their use.
In the interview, Siluanov emphasized that implementing DFAs in foreign trade as an alternative to the US dollar is “quite understandable” in the present circumstances as it enables the use of modern infrastructure. He described it as an innovation in the global settlement system and referred to it as the future.
Siluanov explained 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 stated that it is possible to pay for the delivery of goods with digital financial assets and use Bitcoin mined within the Russian Federation.
The finance minister also mentioned that Russia legalized mining earlier this year, which is why such transactions are taking place. He expressed confidence that next year, it will become a reality to further develop and expand the use of DFAs and Bitcoin in foreign trade.
Siluanov’s recent remarks on DFAs and Bitcoin come after he warned the public to stay away from crypto investment in November. He stated that he does not recommend cryptocurrency as a means of investment and advised people to explore other investment opportunities available.
It is worth noting that Russia officially recognized Bitcoin as a digital financial asset in 2021 as part of the bill “On Digital Financial Assets.” While providing legal status to DFAs, the law prohibits their use as a payment within the country.