Beware of Firewood

Russia uses bitcoin to cope with Western sanctions

(Dan Tri) - Russia is accelerating the accumulation and use of bitcoin in international payments with major trading partners to counter Western sanctions. Russian Finance Minister Anton Siluanov stated that businesses in the country have begun using bitcoin and other cryptocurrencies for international payments. This move comes after the Russian government adjusted its laws to allow the use of cryptocurrencies to respond to Western sanctions, Reuters reported.

"The use of bitcoin in international trade is part of an experimental framework. This bitcoin is mined in Russia. We believe that this will be further expanded," Mr. Siluanov stated on Russia 24 television. At the same time, he emphasized that the use of cryptocurrencies will be the future trend of international payments.

After the conflict in Ukraine, Russia is facing a series of sanctions that seriously disrupt foreign trade activities. Many Russian banks have been removed from the international payment system SWIFT.#btc $BTC