Russia is turning to cryptocurrencies like Bitcoin and stablecoins like USDT and USDC to navigate around Western sanctions affecting its economy. According to Reuters, Finance Minister Anton Siluanov revealed that Russian businesses are now using digital currencies, particularly those mined domestically, for international transactions.
He stated, “As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions). Such transactions are already occurring.” This shift towards crypto adoption comes as Western nations imposed sanctions against Russia following its actions in Ukraine, limiting traditional banking options for Russian businesses.
With this strategic move, Russia hopes to gain more flexibility in navigating global markets while maintaining economic stability and efficiency. However, there are challenges ahead; for instance, a planned six-year mining ban set to take effect in January 2025 in ten regions due to energy concerns.
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