International bitcoin transactions are being turned to by Russian businesses to circumvent Western sanctions

Russian businesses have begun using bitcoin and other cryptocurrencies in their international transactions, following legislative changes allowing such use as a means of countering Western sanctions. The announcement was made on Wednesday by the Minister of Finance, Anton Siluanov. Sanctions have hampered Russia’s trade with key partners such as China and Turkey, as local banks avoid engaging in Russia-related transactions to avoid potential scrutiny from Western regulators. Russia this year allowed the use of cryptocurrencies in international trade and took legislative initiatives to legalize the mining of cryptocurrencies such as bitcoin. The country is among the biggest global players in bitcoin mining. “Under an experimental regime, it is possible to use bitcoins we mined in Russia for international trade,” Siluanov told Russia 24 TV channel. “These trades are already taking place. We believe they should expand and evolve more. I am sure that this […]
Source: News Beast

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