By Bitwave 
A Senior Government Official Confirms the Country’s Legislation
Russia has been actively exploring the use of digital financial assets (DFAs) in foreign trade, according to a senior government official. The country’s Finance Minister, Anton Siluanov, recently discussed the potential for US dollar alternatives in international trade on Russia-24, a state-owned news channel.
US Dollar Alternatives in International Trade
In an interview on December 25, Siluanov emphasized that the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin (BTC). According to the minister, such transactions have already been in use, with Russia planning to develop and scale them further.
"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," Siluanov said.
An Innovation in the Global Settlement System
Siluanov highlighted that implementing DFAs in foreign trade as an alternative to the US dollar is "quite understandable" due to its ability to utilize modern infrastructure. The minister referred to it as an innovation in the global settlement system, stating, "That is the future."
Russia’s Experimental Legal Regime for Digital Financial Assets
Siluanov mentioned that Russia has introduced an experimental legal regime for digital financial assets, which came into force in September 2024. This regulatory framework allows for the use of DFAs, including Bitcoin, in foreign trade.
"We can pay for the delivery of goods with digital financial assets," he reiterated. "It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime."
Russia’s Approach to Cryptocurrency Mining
The finance minister mentioned that Russia had legalized cryptocurrency mining earlier this year. As a result, transactions involving DFAs and Bitcoin have been taking place.
"That is why such transactions are going," Siluanov stated. "We say that they need to be developed and expanded, and I am sure that next year, it will be a reality."
Warning Against Crypto Investment
In November, Siluanov had urged the public to stay away from crypto investment amid Bitcoin’s all-time highs. The minister warned against investing in cryptocurrencies, stating:
"Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment," he said. "Definitely not. Today, there are plenty of other ways to invest and make good money."
At the time of Siluanov’s warning, Bitcoin was trading above $76,000 and had just surpassed its historic milestone of $100,000.
Background on Russia’s Legislative Framework for Digital Financial Assets
In 2021, Russia officially recognized Bitcoin as a digital financial asset as part of the bill "On Digital Financial Assets." While providing DFAs with legal status, the law banned their use as a payment within the country.
Conclusion
Russia’s experiments with digital financial assets in foreign trade reflect the country’s efforts to adapt to modern economic realities. With its legislation authorizing foreign trades in DFAs and Bitcoin, Russia aims to develop and scale these transactions further.
As Siluanov emphasized, this is an innovation in the global settlement system that will shape the future of international trade. The Russian government’s approach to digital financial assets marks a significant step towards embracing the potential of cryptocurrencies and other digital assets.
Key Takeaways
- Russia has been experimenting with digital financial assets (DFAs) in foreign trade.
- The country’s Finance Minister, Anton Siluanov, emphasized the potential for US dollar alternatives in international trade.
- Legislation authorizes foreign trades in DFAs and Bitcoin.
- Transactions involving DFAs and Bitcoin have already taken place.
- Russia plans to develop and scale these transactions further.
- Siluanov warned against crypto investment amid Bitcoin’s all-time highs.
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