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Saudi Minister of Communications Discusses Digital Economy with UN, IsDB Officials

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha meets with United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua in Riyadh on Tuesday. (SPA)
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha meets with United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua in Riyadh on Tuesday. (SPA)
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Saudi Minister of Communications Discusses Digital Economy with UN, IsDB Officials

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha meets with United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua in Riyadh on Tuesday. (SPA)
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha meets with United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua in Riyadh on Tuesday. (SPA)

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha held talks with United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua in Riyadh on Tuesday.

The officials met on the sidelines of the second Digital Government Forum 2023.

The minister discussed means to boost the strategic partnership for the growth of the digital economy and artificial intelligence and went over the best practices in the digital government field that align with the modern challenges to build a sustainable digital future.

Al-Swaha also met with Chairman of the Islamic Development Bank (IsDB) Dr. Mohammad Al-Jasser for talks on boosting partnerships in the fields of the digital economy, stimulating technological investments and developing the digital government amid the Kingdom’s digital transformation.

The Digital Government Forum is organized by the Digital Government Authority and with the participation of a number of government agencies, experts, specialists, and decision-makers in the field of digital government.

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Russia is Using Bitcoin, Digital Currencies in Foreign Trade

FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
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Russia is Using Bitcoin, Digital Currencies in Foreign Trade

FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have complicated Russia's trade with its major partners such as China or Türkiye, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators, according to Reuters.

This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin. Russia is one of the global leaders in bitcoin mining.

“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 international payments in digital currencies represent the future.

Earlier this month, President Vladimir Putin said that the current US administration was undermining the role of the US dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets.

He singled out bitcoin as an example of such assets, saying that no-one in the world could regulate bitcoin. Putin's remarks indicated that the Russian leader backs the extensive use of cryptocurrencies.