Russia Plan To Use Bitcoin To Evade Western Sanctions

At the summit in Kazan, lawmakers are considering the idea of allowing Russian miners to sell their Bitcoin to foreign consumers. These buyers could then use BTC and other cryptocurrencies to pay for imports and thus avoid the traditional systems which are based on the US dollar.

As global tensions continue to escalate, Russia is exploring new strategies to navigate the Western sanctions imposed on the country. Among these initiatives, a key talking point at the ongoing BRICS summit is the potential use of Bitcoin (BTC) and other cryptocurrencies by Russian leaders and companies.

Russia to Leverage Bitcoin to Bypass Western Sanctions

During the summit in Kazan, lawmakers are discussing a proposal to permit Russian miners to sell their Bitcoin to international customers. These buyers can then utilize BTC and other cryptocurrencies to settle import payments, thereby circumventing the traditional systems that rely on the US dollar. This move would enable Russia to participate in cross-border trade despite the current sanctions.

Moreover, Russian President Vladimir Putin disclosed that the BRICS nations are exploring alternative payment mechanisms, considering cryptocurrencies such as Bitcoin and XRP.

This development marks a significant shift as the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, aims to bolster its economy independently of the Western world. Given that the BRICS countries collectively account for over 40% of the world's population and approximately 25% of the global economy, their presence poses a formidable challenge in international trade.

BitRiver, RDIF Spearhead Crypto Initiative

BitRiver's collaboration with the Russian Direct Investment Fund (RDIF) is a pivotal step in establishing Russia as a leading authority in global computing power and the cryptocurrency mining industry. BitRiver ranks among the largest mining companies in Russia, boasting 21 data centers, with an additional 10 under construction.

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