Russian companies are using bitcoin and other digital currencies for international payments, enabled by new legislation to counter Western sanctions.
Sanctions have complicated trade with major partners like China and Turkey due to cautious local banks avoiding Western scrutiny.
Russia legalized the use of cryptocurrencies in foreign trade and supports domestic bitcoin mining to facilitate these transactions.
Finance Minister Anton Siluanov confirmed that bitcoin-based international transactions are already happening and will expand in the future.
President Vladimir Putin criticized the U.S. for politicizing the dollar, which he says undermines its role as a reserve currency.
Putin endorsed cryptocurrencies like bitcoin as alternative assets, emphasizing their global unregulated nature and potential for broader adoption.