El Salvador has suggested using Bitcoin for trade with Russia, aiming to overcome financial constraints imposed by sanctions.
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According to a Russian embassy official, this move could help Russia maintain financial ties with the South American nation despite the limitations caused by sanctions.
El Salvador Proposes Bitcoin for Trade Amid Sanctions Challenges
In an interview with the Russian state-owned newspaper “Izvestia,” Alexander Ilyukhin, the first secretary of the Russian embassy in Nicaragua and head of the office in El Salvador, discussed the difficulties of trading with El Salvador. He explained that, due to El Salvador’s use of the U.S. dollar as its national currency, finding alternative financial methods has become necessary. As a result, El Salvador has proposed using cryptocurrencies as an alternative.
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Ilyukhin noted that El Salvador was the first country to officially adopt Bitcoin as legal tender, allowing tourists to pay for services using Bitcoin since the decision was announced by President Nayib Bukele at the Bitcoin 2021 conference in Miami. However, despite this proposal, Ilyukhin pointed out that Russia is unlikely to adopt cryptocurrencies for cross-border trade at the moment. This is because Russia banned cryptocurrencies as legal tender in early 2021.
Ilyukhin emphasized that Bitcoin is not widely used in Russia, and the country is exploring other ways to enhance trade. He also mentioned that the government of El Salvador remains open to continuing economic cooperation with Russia.
Exploring Cryptocurrency for Trade Amid Financial and Legislative Shifts
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The proposal to use cryptocurrency for trade between El Salvador and Russia reflects broader efforts to enhance financial transactions between the two nations. Alexander Ilyukhin emphasized the importance of enabling Russians to make payments freely abroad, suggesting that cryptocurrencies could currently be the most viable option for facilitating these transactions.
Ilyukhin highlighted that a more practical solution for tourists would be to use cryptocurrencies for payments. Despite Russia’s ban on cryptocurrency payments, legislative changes may be on the horizon. Recent reports indicate that the Russian parliament has advanced two crypto-related bills in their first readings. These bills could potentially allow the use of digital assets for international trade with major partners such as China, India, the UAE, and Turkey.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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