Russia legalizes the use of Bit and pushes for crypto payments in international trade to avoid sanctions after the conflict with Ukraine.
Russia has started using Bit in international transactions
According to Reuters, companies in Russia have started using Bit and other digital currencies in international payments after the government passed legal changes to deal with sanctions from the West.
Russian Finance Minister Anton Siluanov said the sanctions have caused major difficulties for Russia's trade with key partners like China and Turkey, as local banks are cautious about transactions involving Russia to avoid international sanctions after the conflict with Ukraine.
Siluanov said on the Russia 24 TV channel that as part of a pilot project, Bit mined in Russia has been used in international transactions. He expressed confidence that the trend of using digital currencies in international payments will continue to grow in the future.
According to Reuters, Russia's finance minister said on Wednesday that Russian legislation has changed to allow companies to use Bit and other digital currencies in international payments and take steps to legalize the mining of cryptocurrencies including Bit.…
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The latest move comes just 1 month after Russia officially allowed the use of cryptocurrencies in international trade and took steps to legalize the mining of crypto, including Bit. Russia is currently one of the world's leading Bit mining countries.
Previously, President Vladimir Putin criticized the US government's use of the USD as a political tool, causing many countries to seek alternative assets. He emphasized that Bit is an example of an asset that is "not controlled by anyone" and "no one can ban Bit", thereby showing strong support from the Russian leader for the widespread use of cryptocurrencies in international transactions.
In addition to the law recognizing digital assets and allowing their use in international trade, while also adjusting tax regulations for this new asset class, Russia has also introduced measures to control cryptocurrency mining including a complete ban and seasonal restrictions, effective from 01/01/2025 for 6 years.
Compiled by Coin68
