Russia is considering allowing companies to use cryptocurrencies for international settlements in response to Western sanctions, according to Reuters. The move comes as the country seeks to mitigate the impact of sanctions imposed over its invasion of Ukraine. Russian Finance Minister Anton Siluanov said that the government is exploring the use of Bitcoin (BTC) and other cryptocurrencies mined in Russia for international trade. He stated that transactions are already taking place and expects the volume of such settlements to increase. This step aligns with President Vladimir Putin's previous comments that no country can ban Bitcoin and that the U.S. is undermining the dollar's role as a reserve currency. As a result, many countries may consider alternative assets, including cryptocurrencies. By embracing cryptocurrencies for international settlements, Russia aims to bypass sanctions and maintain access to global markets. However, it remains to be seen how the international community will respond to this move and whether it will be widely adopted.

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