The sanctions have greatly complicated Russia’s trade with key partners such as China and Turkey. Local banks avoid deals related to Russia to avoid coming under the control of Western regulators.
Russian companies have started using Bitcoin and other cryptocurrencies for international payments. This became possible after legislative changes were made aimed at countering Western sanctions. Reuters reported this on Wednesday, December 25, citing Russian Finance Minister Anton Siluanov.
According to him, such payments are already being used as part of an experimental regime, and their scale is planned to be increased next year.
“As part of the experimental regime, domestically mined bitcoins are already being used for foreign trade transactions taking place, and we intend to develop them next year,” said Siluanov.
Reuters recalled Russian dictator Vladimir Putin’s comments this month. He said the current US administration is undermining the dollar’s status as a global reserve currency by using it for political purposes. This forces many countries to look for alternatives, including cryptocurrencies. At the same time, Putin noted that it is impossible to regulate Bitcoin and expressed support for its wider use.
Earlier, the price of Bitcoin for the first time in history exceeded 106 thousand dollars and it once again broke the historical record.
The EU has started work on the 16th package of sanctions against Russia
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.