{"id":31262,"date":"2024-12-26T10:41:29","date_gmt":"2024-12-26T10:41:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=31262"},"modified":"2024-12-26T10:41:29","modified_gmt":"2024-12-26T10:41:29","slug":"russia-explores-digital-financial-assets-for-foreign-trade-finance-minister-confirms","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=31262","title":{"rendered":"Russia Explores Digital Financial Assets For Foreign Trade, Finance Minister Confirms"},"content":{"rendered":"

Russia is advancing its use of digital financial assets (DFAs) for foreign trade. The country is ready to leverage new legislation to experiment with innovative payment systems. <\/span><\/p>\n

Finance Minister Anton Siluanov <\/span>confirmed in a 25 December 2024 interview<\/span><\/a> on Russia-24 that DFAs and Bitcoin are being utilized in international trade under the country\u2019s experimental legal framework, which came into effect in September 2024. <\/span><\/p>\n

These measures aim to provide alternatives to the US dollar in global settlements. Siluanov described the move as \u201cthe future\u201d of trade.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Russia Ready To Launch Trials Of Crypto Payments, Exchanges<\/span><\/a><\/strong><\/p>\n

Russian Minister Says Bitcoin Can Be Used For International Payments<\/span><\/h2>\n

The minister highlighted the benefits of DFAs in enabling modern infrastructure for international transactions. \u201cWe can pay for the delivery of goods with digital financial assets,\u201d he noted. He said that Bitcoin, mined within Russia, can also be used under the experimental regime.<\/span><\/p>\n

This aligns with the government\u2019s legalization of crypto mining earlier in the year, setting the stage for expanded use of digital assets in trade. Siluanov expressed confidence that DFA-based transactions would see significant development and scaling in the coming year.<\/span><\/p>\n

JUST IN: Russia uses Bitcoin in foreign trade, finance minister says.<\/p>\n

Credit: BRICSnews pic.twitter.com\/EU10ll1Y22<\/a><\/p>\n

\u2014 Theta__X (@theta__x) December 25, 2024<\/a><\/p>\n\n

Despite embracing DFAs for trade, Siluanov remains cautious about cryptocurrency <\/span>as an investment<\/span>.<\/span><\/p>\n

Speaking at an educational event in November, he warned the public against viewing cryptocurrencies as a quick-money scheme<\/span>, emphasizing<\/span> other investment avenues as more reliable.<\/span><\/p>\n

His comments came as Bitcoin soared to record highs above $76,000, eventually breaking the $100,000 mark within a month.<\/span><\/p>\n

Russia\u2019s experimentation with DFAs marks a significant shift in its approach to digital assets. While the country officially recognized Bitcoin as a digital financial asset in 2021 through the \u201cOn Digital Financial Assets\u201d bill, the law prohibits using cryptocurrencies as payment within its borders. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>BRICS Payment Platforms Gain Momentum as US Dollar Alternatives, Says Russian Official<\/span><\/a><\/strong><\/p>\n

Russia Approves Ban on Crypto Mining in 10 Regions<\/span><\/h2>\n

Recently, the Russian government <\/span>approved a ban<\/span><\/a> on cryptocurrency mining in 10 regions from January 1, 2025, to March 15, 2031, citing concerns over energy consumption and the risk of power outages. <\/span><\/p>\n

The decree includes seasonal restrictions in energy-strained areas, reflecting a broader effort to regulate the energy-intensive crypto mining industry.<\/span><\/p>\n

The ban will apply to regions such as Dagestan, Chechnya, and North Ossetia, as well as the Donetsk and Lugansk People\u2019s Republics<\/span>, among others<\/span>.<\/span><\/p>\n

Some areas, <\/span>like<\/span> parts of the Irkutsk Region, Buryatia, and Zabaikalsky Krai, will <\/span>face<\/span> temporary restrictions during peak energy consumption periods.<\/span><\/p>\n

It is worth noting that the decision to impose mining restrictions came just weeks after <\/span>the legalization of cryptocurrency mining in Russia<\/span>.<\/span> The country expects to collect up to 200 billion roubles ($2 billion) annually from newly introduced mining taxes.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Ukraine deems Bitcoin illegal, Coinbase fights for new $50 million <\/span>founding<\/span> round and more<\/span><\/a><\/strong><\/p>\n

The post Russia Explores Digital Financial Assets For Foreign Trade, Finance Minister Confirms<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Russia is advancing its use of digital financial assets (DFAs) for foreign trade. The country is ready to leverage new legislation to experiment with innovative payment systems. Finance Minister Anton Siluanov confirmed in a 25 December 2024 interview on Russia-24 that DFAs and Bitcoin are being utilized in international trade under the country\u2019s experimental legal […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31262","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31262"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31262"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31262\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}