Faced with stiffening sanctions from Western countries over its invasion of Ukraine, Russia is considering accepting Cryptogiant bitcoin as an alternate currency for payment of its oil and gas exports.
The official statement said – when it comes to “friendly” countries such as China or Turkey, Russia is willing to be more flexible with payment options. The national fiat currency of the buyer — as well as bitcoin — was being considered as an alternative way to pay for Russia’s energy exports.
Russia has been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan,”
Bitcoin is up close to 4% over the last 24 hours to about $44,000. The price of the cryptocurrency spiked around the time that this news came out in public.
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Though the US has banned imports of Russian oil the European Union is very unlikely to follow the suit as it is heavily dependent on Russian energy, in part to heat homes during the winter months.
Russia is clearly looking to diversify into other currencies although It’s unclear, however, whether bitcoin’s relative lack of liquidity could support international trade transactions of that magnitude.
