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Dennis Donovan

(27,474 posts)
Wed Dec 25, 2024, 01:24 PM Wednesday

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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