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Russian officials are reportedly assessing the use of Bitcoin 
$102,940 in international trade outside the US dollar system. This move is part of the country’s efforts to shield its economy from sanctions.
Increasing Trade with Bitcoin
According to information shared by Bloomberg through VanEck’s head of digital assets, Matthew Sigel, senior lawmakers support allowing Russian mining firms to sell their BTC to international buyers and use these coins for import payments, aiming to neutralize the effects of sanctions. Iran had previously opened up trade with BTC produced by local miners.
BRICS Alliance and New Collaborations
At the BRICS Business Forum, Russian mining firm BitRiver announced discussions for a partnership with the country’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF). This partnership aims to enhance Russia’s share in the artificial intelligence economy and global computing power market by utilizing BitRiver’s data centers. Additionally, there are plans for establishing data centers in BRICS countries.
Igor Runets, owner and CEO of BitRiver, stated, “Mining is not just the foundation of the digital economy. If Russia reaches parity with the US in mining, our country becomes indispensable. This lays a foundation for economic growth, liquidity in settlements with our partners, and the advancement of AI.”
Originally comprising Brazil, Russia, India, China, and South Africa, BRICS has recently expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates, receiving membership requests from other countries as well.
This collaboration between BitRiver and Russia aims to contribute to the national-scale development of AI projects and strengthen technological infrastructure among BRICS nations. Russia’s use of Bitcoin enables greater independence in international trade while aiming to reduce the impact of economic sanctions. These steps are considered part of Russia’s strategy to bolster its digital economy.
In light of these developments, Russia’s maneuvers in the cryptocurrency sector could signal a new era in international trade. The increased use of Bitcoin and other cryptocurrencies may alter global trade dynamics and bring new opportunities in economic relations.
