Historic Step in Cryptocurrency Foreign Trade from Russia

Russia Minister of Finance Anton Siluanov announced the legalization of the use of cryptocurrencies in foreign trade. This significant development was achieved through an agreement between the Central Bank of Russia and the Ministry of Finance. In a statement made on October 21, it emphasized that this step was taken to support the weakened Russian economy due to Western sanctions.

Siluanov noted that new regulations would be implemented soon. With the new legal framework, Russian companies will have the opportunity to use Bitcoin (BTC) and other digital assets for international payments. This situation will accelerate Russia’s search for alternative payment methods in the context of global trade.

Minister Siluanov also reminded that the new regulation would only be valid for foreign trade transactions and that cryptocurrencies would remain illegal for domestic payments. This marks a new phase in Russia's "crypto foreign trade" strategy. With the implementation of the regulations, cryptocurrency transactions will be under stricter supervision.

For investors, this development may present great opportunities and risks. The new legal regulations will enable Russian investors and companies to become more active in international markets. However, considering the volatile nature of the cryptocurrency world and legal uncertainties, investment decisions need to be made cautiously.