Russia has been actively experimenting with digital financial assets (DFAs) in foreign trade in accordance with the country’s legislation, as stated by a senior government official. 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 25. Siluanov mentioned that the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin (BTC). The minister also mentioned that such foreign trade transactions are already in use and Russia plans to further develop and expand them.
In the interview, Siluanov stated that implementing DFAs in foreign trade as an alternative to the US dollar is understandable in the present circumstances as it allows for the use of modern infrastructure. He described it as an innovation in the global settlement system and emphasized that it is 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, “We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.” The finance minister highlighted that Russia legalized mining earlier this year, allowing for such transactions to take place. He expressed confidence that it will become a reality next year.
These remarks from Siluanov on DFAs and Bitcoin come after his previous warning to the public to stay away from crypto investment in November. He stated, “Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment.” Siluanov emphasized that there are plenty of other ways to invest and make good money.
It is worth noting that 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 prohibited their use as a payment within the country.