Russian companies are now using bitcoin to bypass Western sanctions, as confirmed by Finance Minister Anton Siluanov in a recent television interview.
Russia says it's using bitcoin to evade sanctions
12/26/2024
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Russia's economy has faced significant obstacles in processing international payments, even with countries like China that do not rely on the U.S. dollar as their reserve currency.
To address these challenges, the Kremlin recently established a legal framework for cryptocurrency mining. This framework includes a provision that allows approved entities to use cryptocurrencies, such as bitcoin, for international trade.
The policy also benefits Russian energy companies by enabling them to supply power to domestic bitcoin miners, a sector with high energy demands.
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Despite this development, the acceptance of bitcoin payments by other countries is uncertain. Many nations have restrictive laws regarding cryptocurrency, and Western financial regulators could pressure domestic banks to avoid transactions involving bitcoin from Russian companies.
This move creates a potential dilemma for President-elect Trump, who has expressed enthusiasm for cryptocurrencies while advocating for the continued global dominance of the U.S. dollar.
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