Russian officials are reportedly discussing how to use Bitcoin (BTC) to conduct international trade outside of the US dollar system.
According to a Bloomberg report shared by Matthew Siegel, head of digital assets at VanEck, a Russian mining company sold its BTC to overseas buyers and used the coins to pay for imports, effectively eliminating sanctions. It is said that influential politicians are promoting the idea that it can be avoided.
Russia has already made several moves this year to withstand economic sanctions, including allowing the use of cryptocurrencies in international trade and working to launch its own crypto exchange and stablecoin. .
At the BRICS Business Forum held last week, Russian cryptocurrency mining company BitRiver said it discussed partnering with the country's sovereign wealth fund, the Russian Direct Investment Fund (RDIF).
The partnership includes leveraging BitRiver's data centers to expand Russia's share of the artificial intelligence (AI) economy and global computing power market, as well as building data centers in BRICS countries. Included.
Igor Runets, Owner and CEO of BitRiver, said:
“Mining is not only the basis of the digital economy. If Russia catches up with the United States in such a fundamental field of the digital economy as mining, this means that our country cannot be ignored. This will lead to further economic growth. , payment liquidity with partners, the foundation for the development of artificial intelligence, and the creation of highly skilled jobs across the country.
We will focus on building an infrastructure base based on mining in cooperation with the Russian Direct Investment Fund. Build data centers and connect them with the required capacity to enable the deployment and implementation of AI-related projects and advance the field. On a national scale. ”
BRICS was initially established by Brazil, Russia, India, China, and South Africa, but has recently welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates, and has received requests from other countries to join.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong
