BRICS Summit Kicks Off As Lawmakers Discuss Using Bitcoin (BTC) To Evade US Sanctions: Report
Russian officials are reportedly discussing how to use Bitcoin ( BTC ) to conduct international trade outside the purview of the US dollar system.
According to a Bloomberg report shared by VanEck’s head of digital assets Matthew Sigel, top lawmakers are pushing the idea that Russian mining firms could sell their BTC to international buyers, who would then use the coins to pay for imports and effectively bypass sanctions.
Russia has already made several moves this year to sanctions-proof its economy, including permitting the use of cryptocurrency for international trade, and working on the launch of its own crypto exchanges and stablecoins.
At a BRICS Business Forum held last week, Russian crypto-mining firm BitRiver says it discussed a partnership with the Russian Direct Investment Fund (RDIF), the country’s sovereign wealth fund.
The partnership includes using BitRiver’s data centers to increase Russia’s share in the artificial intelligence (AI) economy and global computing power market and to build data centers in BRICS countries.
Says Igor Runets, owner and CEO of BitRiver,
“Mining is not just the foundation for the digital economy. If Russia catches up with the United States in such a fundamental branch of the digital economy as mining, this means that our country cannot be ignored. This is further economic growth, liquidity for settlements with our partners, the foundation for the development of artificial intelligence, the creation of highly skilled jobs throughout the country.
Together with the Russian Direct Investment Fund, we will focus on creating an infrastructure base based on mining – building data centers and connecting them to the necessary capacities so that it is possible to deploy and implement projects related to AI, and thus develop this area on a national scale.”
BRICS was originally established as Brazil, Russia, India, China and South Africa, but recently welcomed Iran, Egypt Ethiopia and the United Arab Emirates, and has received requests from other countries to join.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Tithi Luadthong
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XLM, UNI and AAVE gain double-digits as BTC reclaims $94k
Bitcoin’s metrics suggest bull market is far from overvalued
Jim Cramer, Known for His Wrong Comments, Shared His Last Opinion on Bitcoin and Cryptocurrencies
Jim Cramer, who is the butt of jokes in the cryptocurrency world with his predictions, has made new comments about Bitcoin. Here is everything he said.