BRICS Crypto News: Russia Proposes Bitcoin for Sanctions Bypass At the yearly BRICS summit in Kazan, Russia, leaders are promoting the use of Bitcoin as a way to get over Western sanctions.
BRICS Crypto News: Russia Proposes Bitcoin for Sanctions Bypass
BRICS Crypto News: Russia Proposes Bitcoin for Sanctions Bypass Bitcoin was mentioned at the 16th BRICS Summit in Kazan, Russia, as a way to get around Western economic sanctions against Russia.
Lawmakers in Russia suggested paying for imports with Bitcoin.
The BRICS summit’s
increasing interest in cryptocurrencies points to their potential to change the dynamics of the world economy.
Amidst a flurry of excitement and conjecture, the 16th BRICS Summit, hosted by Russia in the energetic city of Kazan, began on October 22, 2024. Many predicted that Russia, which is currently facing severe economic sanctions as a result of its military activities in Ukraine, would come up with audacious plans to challenge Western power and change the global economic system. What were these concepts? What adjustments are they going to make? Let’s investigate.
Russia Supports Bitcoin
Russian MPs were promoting the idea of using Bitcoin to circumvent the sanctions, according to Matthew Sigel, Head of Digital Assets Research at VanEck, who posted on X (previously Twitter), adding fuel to the rumors. The crypto community was immediately intrigued by this discovery, which led to the question: Could this increase the value of Bitcoin?
Cryptocurrencies’ Inclusion in the BRICS Conversation
Russia naturally brought up the subject of cryptocurrency during the BRICS meeting. According to Sigel, Russian authorities expressed their urgency to discover methods around Western financial obstacles by proposing the use of Bitcoin for international trade payments.
Russia is not the only country affected by these measures. For example, due to the restrictions, Italian SMEs have expressed worries about the difficulties in exporting goods to Russia, citing payment processing as the primary barrier.