Crypto Daily – Russia’s finance minister, Anton Siluanov, has revealed that domestic companies are using (BTC) and other cryptocurrencies for international payments.
The shift comes after several legislative changes to allow such transactions to counter sanctions imposed by Western nations.
Russia Already Using Bitcoin In Foreign Trade
Siluanov’s admission comes as Russia turns to crypto to beat sanctions imposed on it following its invasion of Ukraine. The sanctions have significantly compromised and complicated the country’s ability to trade with major partners like China and Turkey. This is because foreign banks have become increasingly reluctant to trade with their Russian counterparts to avoid scrutiny from Western regulatory authorities.
Cryptocurrencies, primarily Bitcoin, have emerged as a viable alternative for Russia and its domestic companies to conduct international trade without relying on the or the Society for Worldwide Interbank Financial…
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