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Russia's heavy announcement: opening up international trade for payment in BTC, next step is to establish BTC reserves?
Russian Finance Minister Anton Siluanov said yesterday (25) that Russia has allowed the use of digital assets such as BTC to pay for transactions in international trade after using cryptocurrency such as BTC to combat economic sanctions against Western countries. (Synopsis: The Russian parliament proposes to "include BTC in strategic reserve assets" as a counterweight to international economic sanctions) (Background supplement: De-dollarization embraces BTC!) Russia plans to push BTC into an international trading coin, breaking through the SWIFT ban) According to Reuters, Russian Finance Minister Anton Siluanov said yesterday (25) that after Russian legislation to fight economic sanctions against Western countries through the use of cryptocurrency such as BTC, Russia has now allowed the use of digital assets such as BTC to pay for transactions in international trade. Cryptocurrency international payments represent the future Siluanov added that in addition to allowing the adoption of BTC payments in foreign trade, Russia also legalized cryptocurrency mining activities this year, showing Russia's recognition of emerging assets such as cryptocurrency. As part of its adoption of cryptocurrency, Russia has also encouraged the use of BTC mined locally, and Siluanov praised the role of cryptocurrency in the payments space: This type of transaction is already commonplace, and we think it is time to further expand and develop it. International payments for digital goods represent the future. According to RIA Novosti earlier this month, Anton Tkachev, a member of the Russian State Duma "New People" parliamentarian, has appealed to Russian Finance Minister Anton Siluanov through a document, suggesting that Russia establish a BTC strategic reserve. In the document, the MP said: Dear Anton Siluanov, I ask you to assess the feasibility of creating a BTC strategic reserve in Russia, a move similar to the state's reserves in traditional coins. If the initiative is approved, submit it to the Government of the Russian Federation for further implementation. For sanctioned countries, with limited access to traditional international payment systems, cryptocurrency effectively becomes the only tool for international trade. The Central Bank of Russia is currently preparing to launch a pilot program for cross-border cryptocurrency settlement. In addition, Anton Tkachev explained that in the context of geopolitical instability, traditional coin reserves (including people's coins, dollars and euros) are vulnerable to fluctuations, sanctions and inflation, which poses a threat to the financial stability of the country. Current global challenges require the adoption of not only new payment systems, but also alternative reserve instruments that are not dependent on specific countries. Related reports Russia dug up 54,000 BTC last year, Putin: Russia has become the global leader in cryptocurrency mining Russia announced that 10 regions will ban mining until 2031, afraid that the power grid will be squeezed dry Accelerate de-dollarization" Russian cooperation BRICS countries push a new payment system to "replace Swift": 159 countries have responded to join the "Russia heavy announcement: open BTC to pay for international trade, the next step to establish BTC reserves? This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".