Russian companies turn to Bitcoin for international trade while the government plans to ban Bitcoin mining in certain regions by 2025.
Anton Siluanov, the Finance Minister of Russia, confirmed in an interview with Reuters that many Russian companies are currently using Bitcoin (BTC) for international transactions to bypass Western sanctions. Vladimir Putin, the President of Russia, recently introduced Bitcoin as a suitable alternative to the US dollar as a reserve currency. However, the Russian government has announced that starting from January 1, 2025, due to energy shortages, Bitcoin mining activities will be prohibited in 10 different regions of the country until March 2031.
