The new regulatory framework developed by Moscow facilitates international cryptocurrency payments for the country’s businesses.
Finance Minister Anton Siluanov has confirmed that Russian companies are conducting international transactions in Bitcoin, thanks to new legislative measures. This move follows the sanctions imposed by the West after the invasion of Ukraine in 2022, which severely limited Russia’s ability to make international payments.
In an interview broadcast on Russia 24, Siluanov 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. Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year.”
To address trade difficulties with countries like China and Turkey, the Kremlin introduced regulations authorizing the use of cryptocurrencies in foreign trade. The government has also established an experimental legal framework for mining, allowing authorized entities to mine and use Bitcoin for international payments.
According to official estimates, mining in Russia consumes 16 billion kilowatt-hours (kWh) annually, equivalent to about 1.5% of the country’s electricity consumption. This has led the government to impose a complete ban on mining in 10 regions for six years starting January 1, 2025, due to the strain on the national power grid. In 2023 alone, the country mined 54,000 bitcoins, generating 50 billion rubles (approximately $550 million) in tax revenue.