- Russia may use Bitcoin and other digital assets in international transactions amid heavy U.S. sanctions
- The country is pushing for “de-dollarization” of global trade among BRICS members
- Russia announced a 6-year ban on crypto mining in 10 regions starting January 1st, 2025
Cryptocurrency adoption has been on a high worldwide. Not only are investors now more than ever adding digital assets to their funds, but Governments are also beginning to see its potential as an internationally traded currency.
Russia, one of the world’s largest economies, recently implied that the country may use Bitcoin and other digital assets in international transactions.
Since the start of the Ukraine conflict, Russia has been hit with heavy U.S. sanctions that severely affected its economy. These sanctions have impacted the country’s trade, including longtime partners like Turkey and China as banks grow more cautious of Russia-related transactions—fearing scrutiny from Western regulators.
That resulted in Russia pushing heavily for an alternative to the U.S. Dollar in international trade. In this year’s BRICS summits the nation was among those pushing for the “de-dollarization” of global trade among BRICS members.
With that in mind, the country’s Finance Minister Anton Siluanov recently talked about greenback alternatives. In an interview with a state-owned news channel, Siluanov mentioned digital assets as the most likely alternative, including using the nation’s large reserves of mined Bitcoin for global trade.
Despite being a key player in the digital economy—Russia also recently announced that they plan on halting crypto mining rates in the country. Just yesterday, the country announced that they will be imposing a 6-year ban on mining in 10 different regions of the world’s largest country by landmass.
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