Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Russia has allowed the use of Bitcoin and other digital currencies in international payments to counteract Western sanctions. Source: Reuters, citing Russian Finance Minister Anton Siluanov, as reported by Mezha Media,

Russian companies are increasingly using Bitcoin and other digital currencies for international payments in response to Western sanctions, Reuters reported on Dec. 25. Once key facilitators of Russia’s trade,

Russian companies have started using Bitcoin and other digital currencies for international payments. This shift follows legislative changes allowing such transactions to counter Western sanctions, reports Reuters,

The Russian government has been a historic opponent of bitcoin, banning its use for domestic payments, but has recently come to see the potential benefits of virtual currencies for evading U.S. and Western sanctions.

Russia legalizes Bitcoin for international payments to counter sanctions, and expanding its use for trade.

Russian firms embrace Bitcoin for cross-border payments to bypass sanctions, amid new crypto laws and mining restrictions till 2031.

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Ukraine has announced "sanctions and other solutions" to block Russia's unwanted cryptocurrency payments. Source: Vladyslav Vlasiuk, Advisor to the president of Ukraine and Commissioner for Sanctions Policy Details: Vlasiuk recalled that Russian companies started using Bitcoin and other digital currencies for international payments after changes in legislation allowed such transactions in order to counter Western sanctions.

In a recent interview with the state-owned news channel Russia-24 on December 25, Russian Finance Minister Anton Siluanov provided insights into Russia’s active experimentation with digital financial assets (DFAs) for international trade.

Bitcoin and BRICS are considered to be helpful for reducing Russian dependence on the US dollar. Russia began international dealings through Bitcoin. Russia trusts digital currencies to make inter-nation trade easier in ways that can protect it from US sanctions and give greater control over global trade with and over the US dollar.