PANews, October 23 - According to information from the Bloomberg terminal, as the BRICS summit opens in Kazan, Russia, cryptocurrency has become one of the topics. Russian lawmakers are promoting an idea that Russian miners can sell their tokens to international buyers, who can then use Bitcoin and other cryptocurrencies to pay for import fees, effectively circumventing Western sanctions. Sanctions have severely impacted Russia, but cryptocurrency offers an alternative to the traditional financial system that relies on the dollar and banks.
Richard Wolf, an American economist and honorary retired professor at the University of Massachusetts Amherst, commented on the situation, stating that the BRICS alliance is surpassing a peaked America; the U.S. is in decline and trying to maintain its international dominance; economically, BRICS is also gaining an advantage over the U.S.
