Russia Selling Oil for Bitcoin

Russia will accept Bitcoin from “ally” countries looking to trade for oil.

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When the war on Ukraine started all we heard about, in terms of crypto, was that Russia could use Bitcoin and other cryptocurrencies to avoid sanctions. Well here we are today, it seems as though Russia will be open to trading their oil for Bitcoin. They will be allowing “ally” countries to do so, whoever that is we are not sure. One can only speculate that China may be that “ally.”

This is an attempt by Russia to keep their economy above water since they just demolished the value of their own currency, the Ruble. This is also a way around the SWIFT banking ban that they were hit within the beginning of the month. However, they may be able to use cryptocurrency as a loophole there are teams at work for some of these exchanges to locate wallets connected to people in power in Russia and freeze the assets in them.

“We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan. With Turkey, it will be lira and rubles. The set of currencies can be different, and this is normal practice. If there are bitcoins, we will trade bitcoins,” said Pavel Zavalny, Chairman of the State Duma Committee on Energy.

While this may not be the best news in the world the price of Bitcoin has definitely reacted favorably. The token went over $44k for a bit and is still trading well over $43k at the time of writing. This just goes to show what power Bitcoin can really have for countries and individuals in the future.