Russia Uses Crypto To Trade With China
Another trigger for Bitcoin price hitting $100K is the recent switch by Russian authorities to crypto to pay for trade with China. Moscow Times reported that Russia will pay China in cryptocurrency for war supplies.
Russian authorities have planned the first group of importers to be allowed to pay for Chinese goods in digital currencies under an experimental legal regime. These included electronics manufacturers, some members of the Russian Chamber of Commerce and Industry, and several banks.
The primary goal is for the BRICS Group, a bloc of countries with some of the worldâs leading economies. Member countries of this group are focused on challenging the dominance of USD.
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