Russia has taken a bold step by using Bitcoin for international trade, a new strategy to overcome Western sanctions.
The move comes after new legislation allowed the cryptocurrency to be used for payments.
Russian Finance Minister Anton Siluanov confirmed the move on Wednesday, saying that crypto-based transactions are already happening and are expected to grow rapidly in the future.
The move is part of Russia’s grand strategy to overcome economic sanctions imposed by the United States (US) by using blockchain technology as a tool to ensure the continuity of international trade.
The move also comes in line with President Putin’s remarks criticizing the declining influence of the US dollar and praising Bitcoin as an alternative asset that cannot be controlled by any party.
With Russia leading the way in bitcoin mining, it is clear that the digital currency will play a major role in changing the landscape of global trade and the country’s future economy.
