Russia may accept bitcoin as payment for its oil and gas exports, according to the leader of the energy committee. In a filmed news conference, Pavel Zavalny said that payment methods for countries like China and Turkey are being studied. He stated that the buyer’s national fiat currency, as well as bitcoin, were taken into consideration.
Russia may accept bitcoin as payment for its oil and gas exports
Russia is considering accepting Bitcoin as payment for its oil and gas exports, according to a high-ranking legislator. “Friendly” countries could be allowed to pay in crypto or their own currencies, according to Pavel Zavalny.
Russian President Vladimir Putin said earlier this week that he wants “unfriendly” countries to pay in roubles for Russian gas. The move is assumed to be aimed at bolstering the Russian ruble, which has lost roughly 20% of its value so far this year.
Following the invasion of Ukraine, the United Kingdom, the United States, and the European Union imposed sanctions on Russia, putting pressure on the rouble and rising living costs. Russia, on the other hand, continues to be the largest natural gas exporter and second-largest oil supplier in the world.
China and Turkey, according to Mr. Zavalny, are among the “friendly” countries that are “not involved in the sanctions pressure.”
“We’ve been recommending to China for a long time that we convert to national currency settlements for roubles and yuan,” Mr. Zavalny added. “It’ll be lira and roubles with Turkey.”
“You can even exchange bitcoins,” Mr. Zavalny continued. Unprecedented sanctions are having an impact on Russia. China, a major economic partner of Russia, has outlawed cryptocurrency. Bitcoin’s value has fluctuated by as much as 30% so far this year.
It is suspected that Russian oligarchs are employing virtual currency to escape sanctions. As a result, the Ukrainian government, as well as politicians in the United States and Europe, have requested that all Russian users be barred from crypto-currency sites.
On the other hand, many businesses have ruled this out. “Now that their currency has plummeted, some ordinary Russians are utilizing cryptocurrencies as a lifeline,” said Brian Armstrong, CEO of cryptocurrency business Coinbase.
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