Russia embraces Bitcoin to bypass Western sanctions in global trade

Dec 26, 2024

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Ryan Robertson Anchor

By Ryan Robertson (Anchor), William Jackson (Producer), Jack Henry (Video Editor)

Russia is using bitcoin and other cryptocurrencies for international trade to counter Western sanctions, according to Finance Minister Anton Siluanov. He stated Russian companies have already begun conducting cross-border payments in bitcoin under new legislation.

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Siluanov indicated that bitcoin use is expected to expand next year to address trade challenges with key partners like China and Turkey. Financial institutions in these countries are reportedly hesitant to process Russian transactions due to pressure from Western regulators.

The Kremlin recently established a legal framework for cryptocurrency mining, allowing miners to use bitcoin for international trade. As one of the world’s largest bitcoin miners, Russia has also eased regulations for energy companies to sell power to mining operations, further integrating cryptocurrency into its trade mechanisms.

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President Vladimir Putin criticized the U.S. for using the dollar as a political tool, claiming it has pushed many nations to explore alternatives like bitcoin. He emphasized bitcoin’s decentralized nature places it beyond the control of any single government.

However, challenges remain. Not all countries have clear regulations allowing bitcoin payments, and pressure from Western financial authorities could slow adoption. Economists caution it’s too early to determine how Russia’s reliance on cryptocurrencies will affect global trade dynamics.

Tags: Bank of Russia, Bitcoin, China, Cryptocurrency, People’s Republic of China, Russia, Russian Defense Ministry, Trade

[ryan robertson]

RUSSIA IS NOW USING BITCOIN AND OTHER CRYPTOCURRENCIES IN INTERNATIONAL TRADE TO COUNTER WESTERN SANCTIONS, THAT’S ACCORDING TO RUSSIAN FINANCE MINISTER ANTON SILUANOV. HE SAYS RUSSIAN COMPANIES ARE ALREADY MAKING CROSS-BORDER PAYMENTS WITH BITCOIN THANKS TO NEW LEGISLATION .

SILUANOV SAID THE NUMBER OF COMPANIES USING BITCOIN IS EXPECTED TO GROW NEXT YEAR.THE APPROACH AIMS TO TACKLE TRADE DISRUPTIONS WITH KEY PARTNERS LIKE CHINA AND TURKEY, WHERE BANKS HESITATE TO PROCESS RUSSIAN TRANSACTIONS UNDER PRESSURE FROM WESTERN REGULATORS.

THE KREMLIN RECENTLY ESTABLISHED A LEGAL FRAMEWORK FOR CRYPTOCURRENCY MINING, ENABLING MINERS TO USE BITCOIN FOR INTERNATIONAL TRADE. AS ONE OF THE WORLD’S LARGEST BITCOIN MINERS, RUSSIA ALSO MADE IT EASIER FOR ENERGY COMPANIES TO SELL POWER TO MINING OPERATIONS, FURTHER INTEGRATING CRYPTOCURRENCY INTO ITS TRADE MECHANISMS.

PRESIDENT VLADIMIR PUTIN CRITICIZED THE U.S. FOR LEVERAGING THE DOLLAR AS A POLITICAL TOOL, SAYING THAT’S WHY SO MANY NATIONS ARE EXPLORING ALTERNATIVES LIKE BITCOIN. PUTIN ARGUES BECAUSE BITCOIN IS DECENTRALIZED IT OPERATES OUTSIDE THE CONTROL OF ANY SINGLE GOVERNMENT.

NOT ALL COUNTRIES HAVE CLEAR REGULATIONS WHEN IT COMES TO PAYING IN BITCOIN AND BECAUSE OF PRESSURE FROM THE WESTERN FINANCIAL AUTHORITIES, ANY ACCEPTANCE OF CHANGING THE SYSTEM WILL TAKE TIME, IF IT EVER HAPPENS. . AND RIGHT NOW, MOST ECONOMISTS WOULD AGREE IT’S JUST TOO EARLY TO TELL HOW RUSSIA USING MY CRYPTOCURRENCIES COULD CHANGE THINGS ON THE INTERNATIONAL STAGE.

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