Russia Named “High Income Country” By World Bank, Did Bitcoin Play a Role? 🚨

The World Bank has ranked Russia as one of the “high-income countries,” sparking speculations that Bitcoin (BTC) may have played a part in this new ranking.

Russia’s Economic Metrics Sees Massive Improvement

Russia’s rapid economic growth was cited as a basis for its newly acquired ranking. Before now, it was on the category of the “upper middle income” country.

On the flip side, Ukraine also received an upgrade from the World Bank. It went from being a lower middle income country to the upper middle income nations category.

Russia’s Pivot to Bitcoin Amidst Sanctions

Amidst these Western ban, it is worth noting that Russia became more interested in cryptocurrencies. In one of its meetings with El Salvador and delegates from other countries, Russia made its Bitcoin stance known.

“Russia will sooner or later legalise cryptocurrencies as a means of payment. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it,” said Russia’s Industry and Trade Minister Denis Manturov.