Russia is free to use Bitcoin in foreign trade, says finance minister

Russia has been actively experimenting with digital financial assets (DFAs) in foreign trade in line with the country’s legislation, according to a senior government official.

Russian Finance Minister Anton Siluanov discussed US dollar alternatives for international trade in an interview on the state-owned news channel Russia-24 on Dec. 25.

Siluanov said the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin BTCUSD.

According to the minister, such foreign trade transactions have already been in use, and Russia plans to develop and scale that further.

“We can use mined Bitcoin”

In the interview, Siluanov said that in the present circumstances, implementing DFAs in foreign trade as an alternative to the US dollar is “quite understandable” as it enables the use of modern infrastructure.

It’s an innovation in the global settlement system, he said, adding, “That is the future.”

Siluanov said Russia is free to use digital financial assets — including Bitcoin — in foreign trade, per its experimental legal regime, which came into force in September 2024.

He stated:

The finance minister mentioned that Russia legalized mining earlier this year. “That is why such transactions are going. We say that they need to be developed and expanded, and I am sure that next year, it will be a reality,” he added.

Siluanov warned against crypto investment amid Bitcoin’s ATHs

Siluanov’s latest remarks on DFAs and Bitcoin come a few weeks after the finance minister urged the public to stay away from crypto investment in November.

“Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment,” the minister stated in a speech at a local educational event on Nov. 6.

“Definitely not. Today, there are plenty of other ways to invest and make good money,” Siluanov stated.

At the time of Siluanov’s warning, Bitcoin was hitting all-time highs above $76,000 and was heading toward the historic milestone of $100,000, which was smashed in about 30 days afterward.

As previously reported, Russia officially recognized Bitcoin as a digital financial asset as part of the bill “On Digital Financial Assets” in 2021. While providing DFAs with legal status, the law banned their use as a payment within the country.