Russia has been actively exploring the use of digital financial assets (DFAs) for foreign trade under its current legislation, according to a senior government official.
On Dec. 25, Russian Finance Minister Anton Siluanov discussed alternatives to the U.S. dollar for international trade in an interview on the state-owned news channel Russia-24. Siluanov highlighted that the Russian government has enacted legislation permitting foreign trades involving DFAs and Bitcoin (BTC).
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:
“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.”
Scaling Bitcoin and DFA Transactions
The finance minister revealed that such transactions are already in practice and emphasized the government’s ambition to expand their use.
“We can use mined Bitcoin,” Siluanov stated, referring to the utilization of locally mined Bitcoin within Russia. He underscored that employing DFAs for foreign trade transactions as an alternative to the U.S. dollar is a logical move in the current global economic climate. “That is the future,” he said, describing it as an innovative step in the global settlement system.
Legal Framework for DFAs and Bitcoin in Trade
Russia’s experimental legal regime, which came into effect in September 2024, allows the use of digital financial assets, including Bitcoin, in foreign trade. Siluanov explained, “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.”
This development follows Russia’s legalization of crypto mining earlier in the year. “That is why such transactions are happening. We aim to develop and scale these measures, and I am confident that next year, they will become a reality,” Siluanov added.
Minister’s Caution on Crypto Investments
Despite Russia’s advancements in adopting Bitcoin for trade, Siluanov has warned the public against viewing cryptocurrency as a quick investment opportunity. Speaking at an educational event on Nov. 6, he stated, “Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment.”
At the time, Bitcoin was nearing all-time highs, trading above $76,000 and on its way to surpassing $100,000 within the following month. Siluanov advised against speculative investments, saying, “Today, there are plenty of other ways to invest and make good money.”
Background on Russia’s Crypto Legislation
Russia officially recognized Bitcoin as a digital financial asset under the “On Digital Financial Assets” bill in 2021. While the legislation provided DFAs with legal status, it prohibited their use for domestic payments.
As these developments unfold, Russia’s commitment to modernizing its financial systems and exploring alternatives to traditional currencies remains evident. The country’s focus on scaling digital finance could set a precedent for other nations considering similar moves.
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