Crypto

Russian Companies Reportedly Using Crypto for International Payments | PYMNTS.com

Published

1 year ago

December 26, 2024

Russian Companies Reportedly Using Crypto for International Payments | PYMNTS.com

Russian businesses are reportedly using bitcoin and other cryptocurrencies to make international payments.

It’s a trend that comes in the wake of legislative changes that permitted these types of payments to get around western sanctions, Reuters reported Tuesday (Dec. 26), citing comments from Russian Finance Minister Anton Siluanov.

As the report noted, the sanctions — issued following Russia’s invasion of Ukraine in 2022 — have made it tougher for Russia to trade with partners like China and Turkey. But this year, Russia began allowing crypto for foreign trades, and is working on legalizing the mining of crypto such as bitcoin.

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions),” Siluanov told Russia 24 television channel.

“Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year,” he said, adding that using digital currencies to make international payments represent the future.

PYMNTS explored this idea earlier this week in a report on events in the cryptocurrency/blockchain world in the past year.

“Cross-border payments, historically plagued by high fees and slow transaction times, underwent a significant transformation in 2024,” that report said. “Blockchain technology emerged as a key enabler, offering transparency, speed and cost efficiency.”

Stablecoins play a key role, PYMNTS added, letting businesses bypass traditional correspondent banking networks and settle transactions almost instantly.

“Blockchain technology and public blockchains in particular, are opening up a number of new use cases, one of which is to transfer value — such as remittances — from one country to another,” Raj Dhamodharan, executive vice president, blockchain and digital assets at Mastercard, told PYMNTS.

Research by PYMNTS Intelligence has found that cryptocurrency use in making cross-border payments could be the winning use case that the sector has been searching for. The research shows that blockchain-based cross-border solutions, especially stablecoins, are being increasingly used by firms looking for better ways to transact and expand internationally.

“Blockchain solutions and stablecoins — I don’t like to use the term crypto because this is more about FinTech — they’ve found product-market fit in cross-border payments,” Sheraz Shere, general manager of payments and commerce at Solana Foundation, said in an interview here earlier this year. “You get the disintermediation, you get the speed, you get the transparency, you get extremely low cost.”

See More In: Bitcoin, cross-border payments, crypto, Crypto payments, Cryptocurrency, digital assets, Digital Payments, International Payments, News, PYMNTS News, Russia, Russian sanctions, sanctions, stablecoins, What’s Hot

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Crypto

Senate committee discusses cryptocurrency options for state pension funds – Inside INdiana Business

Published

7 hours ago

February 4, 2026

Press Room

Senate committee discusses cryptocurrency options for state pension funds – Inside INdiana Business

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Crypto

Ripple’s Schwartz Weighs XRP Hitting $50–$100 Odds Using Price Signals

Published

19 hours ago

February 4, 2026

Press Room

Ripple’s Schwartz Weighs XRP Hitting –0 Odds Using Price Signals

Ripple’s David Schwartz weighed in on whether XRP could reach $50 or $100, explaining why he avoids absolute price predictions and how current market pricing reflects investor confidence, probability and expectations about future outcomes.

Crypto

Bitcoin Enters Danger Zone as Medium-Term Holders Turn Unprofitable En Masse

Published

2 days ago

February 3, 2026

Press Room

Bitcoin Enters Danger Zone as Medium-Term Holders Turn Unprofitable En Masse

Bitcoin has slipped into a bear market danger zone, according to a new analysis showing medium-term holders falling into losses, a signal historically tied to rising downside risk and prolonged weakness rather than short-lived pullbacks.