Russian companies are using Bitcoin to bypass Western sanctions, as confirmed by Russia’s Finance Minister, Anton Siluanov, in a TV interview.
Russia has faced challenges in making and receiving international payments, even with countries like China that don’t rely on the U.S. dollar.
Last month, the Kremlin introduced a new law that creates an experimental legal framework for cryptocurrency miners. This law allows approved businesses to use cryptocurrency for international transactions.
This move could benefit Russian energy companies as they can now sell energy to a growing group of local Bitcoin miners who need a lot of power.
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