According to a high-ranking politician, Russia is considering accepting Bitcoin as payment for its oil and gas exports.<\/p>\n\n\n\n
According to Pavel Zavalny, “friendly” countries could be permitted to pay in crypto or their own currencies.<\/p>\n\n\n\n
Russian President Vladimir Putin indicated earlier this week that he wants “unfriendly” countries to buy Russian gas in roubles.<\/p>\n\n\n\n
The action is thought to be intended to strengthen the Russian ruble, which has lost nearly 20% of its value this year.<\/p>\n\n\n\n
Following the invasion of Ukraine, sanctions implemented by the United Kingdom, the United States, and the European Union have put pressure on Russia’s rouble and risen the cost of living.<\/p>\n\n\n\n
Russia, on the other hand, remains the world’s largest natural gas exporter and second-largest oil supplier.<\/p>\n\n\n\n
Mr. Zavalny, the chairman of Russia’s State Duma’s energy committee, said on Thursday that the country is looking into alternate payment methods for energy exports.<\/p>\n\n\n\n
China and Turkey, he said, were among the “friendly” nations that were “not involved in the sanctions pressure.”<\/p>\n\n\n\n
“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.”<\/p>\n\n\n\n
“You can even exchange bitcoins,” Mr. Zavalny continued.<\/p>\n\n\n\n
‘More danger’<\/strong><\/p>\n\n\n\n Despite the hazards, analysts believe Russia would profit from accepting the popular cryptocurrency.<\/p>\n\n\n\n “Unprecedented sanctions are having an immediate impact on Russia,” said David Broadstock, a senior research fellow at the Energy Studies Institute in Singapore. “There is a need to strengthen the economy, and Bitcoin is considered as a high-growth asset in many aspects.”<\/p>\n\n\n\n However, he pointed out that Bitcoin’s value has fluctuated by as much as 30% this year. In comparison, the dollar has been trading within 5% of the euro.<\/p>\n\n\n\n “Clearly, accepting Bitcoin creates significantly more risk in the transaction of natural gas as compared to other traditional currencies,” Mr. Broadstock added.<\/p>\n\n\n\n “Moreover, China is one of Russia’s most important ‘friendly’ economic partners, and Bitcoin is prohibited in China,” he continued. “This certainly limits the use of Bitcoin for payment.”<\/p>\n\n\n\n There are fears that Russian oligarchs would use virtual currency to circumvent sanctions.<\/p>\n\n\n\n This has prompted the Ukrainian government, as well as US and European politicians, to request that all Russian users be barred from crypto-currency sites.<\/p>\n\n\n\n However, many businesses have ruled this out.<\/p>\n\n\n\n “Now that their currency has collapsed, some regular Russians are using cryptocurrencies as a lifeline,” said Brian Armstrong, CEO of cryptocurrency business Coinbase.<\/p>\n\n\n\n “Many of them are likely to reject what their country is doing, and a ban would harm them as well,” he said.<\/p>\n\n\n\n Mr Putin’s remarks on forcing “unfriendly” countries pay in roubles sent the currency to a three-week high on Wednesday.<\/p>\n\n\n\n However, many existing gas contracts are in euros, and it is uncertain if Russia will be able to change them. For 40% of its gas, the EU is reliant on Russia.<\/p>\n\n\n\n <\/p>\n<\/span>","protected":false},"excerpt":{"rendered":" According to a high-ranking politician, Russia is considering accepting Bitcoin as payment for its…<\/p>\n","protected":false},"author":20,"featured_media":3465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[78],"tags":[169,170,173,171,162],"_links":{"self":[{"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/posts\/3463"}],"collection":[{"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/comments?post=3463"}],"version-history":[{"count":2,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/posts\/3463\/revisions"}],"predecessor-version":[{"id":3634,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/posts\/3463\/revisions\/3634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/media\/3465"}],"wp:attachment":[{"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/media?parent=3463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/categories?post=3463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noshadali.com\/wp-json\/wp\/v2\/tags?post=3463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}