Axios: Russia says it's using bitcoin to evade sanctions
Axios - Russia says it's using bitcoin to evade sanctions
Dan Primack
11 mins ago
Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview.
Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments, even with countries like China that don't use the U.S. dollar as their reserve currencies.
Catch up quick: The Kremlin last month created an experimental legal framework for cryptocurrency miners, which includes a provision whereby approved entities can use crypto for international trade.
-It also could be a boon for Russian energy companies, which now can sell to a power-hungry group of domestic bitcoin miners.
Reality check: Just because Russian companies are allowed by their government to make payments in bitcoin, that doesn't necessarily mean all other countries will accept it both due to their own laws and pressure on domestic banks from Western financial regulators.
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