As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find Russia’s recent move to experiment with digital financial assets (DFA) in foreign trade particularly intriguing. Having followed the evolution of Bitcoin and its potential applications since its inception, it’s fascinating to see a major player like Russia embracing this technology for international trade.
According to a high-ranking government official, Russia is currently testing out digital financial assets (DFA) for international trade, as per the nation’s legal framework.
On December 25, Russian Finance Minister Anton Siluanov spoke about potential options for using currencies other than the U.S. dollar in international commerce during an interview on Russia-24, a state-run news network.
Siluanov said the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin (BTC).
As a researcher delving into this subject, I’ve come across information suggesting that certain foreign trade transactions are already being utilized. It appears that Russia intends to advance and expand these practices moving forward.
“We can use mined Bitcoin”
In a recent interview, Siluanov stated that under current conditions, adopting Digital Foreign Assets (DFAs) instead of the U.S. dollar in international trade seems quite logical because it allows for the utilization of contemporary infrastructure.
It’s an innovation in the global settlement system, he said, adding, “That is the future.”
In simpler terms, according to Siluanov, starting from September 2024, Russia is allowed to utilize digital assets like Bitcoin for international trade, following the country’s experimental legal framework regarding these assets.
He 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.”
This year, the finance minister pointed out that Russia has made cryptocurrency mining legal. He further stated that due to this reason, these types of transactions are taking place. He believes that they should be grown and expanded, and he is confident that by next year, this will become a tangible reality.
Siluanov warned against crypto investment amid Bitcoin’s ATHs
Siluanov’s latest remarks on DFAs and Bitcoin come a few weeks after the finance minister urged the public to stay away from crypto investment in November.
At a recent educational gathering, the minister expressed that some individuals view cryptocurrency as a fast way to make money. However, he cautions against relying on it as an investment strategy.
Absolutely, “No, certainly not. In today’s world, there are numerous alternative methods for investing that can yield profitable returns,” said Siluanov.
When Siluanov issued his caution, Bitcoin had reached unprecedented peaks of over $76,000 and was rapidly approaching the significant mark of $100,000, which it might surpass within approximately a month’s time.
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2024-12-25 17:19