• BRICS nations aim to integrate Bitcoin into trade, bypassing Western sanctions, and boosting financial independence.
  • Russia partners with RDIF to enhance crypto mining, positioning itself as a global leader in the digital economy.
  • BRICS expands, pushing for a self-sufficient digital system, reducing reliance on Western financial infrastructure.

The BRICS nations are integrating cryptocurrencies into their economies to bypass Western sanctions. At the ongoing BRICS summit in Kazan, Russia, lawmakers are exploring ways for Russian miners to sell their Bitcoin to international buyers. 

If consumers can use Bitcoin and other cryptocurrencies to pay for goods , the BRICS countries might develop alternative financial systems. The restrictions of traditional banking, which is mostly dependent on US money, are thereby being circumvented by people through the use of cryptocurrencies.

As the BRICS Summit Kicks Off, Top Lawmakes Are Pushing the Idea that Russian Miners Could Sell Their #Bitcoin to International Buyers, Who Would Use BTC and Other Crypto to Pay for Imports, Effectively Bypassing Western Sanctions.

🧵 pic.twitter.com/AyI8Km64Y1

— matthew sigel, recovering CFA (@matthew_sigel) October 23, 2024

Russia’s Push to Lead in Cryptocurrency Mining

Russian mining companies, like BitRiver, are seizing this opportunity. Besides operating under BitRiver, it has established a strategic alliance with the Russian Direct Investment Fund (RDIF) in response to the new cryptocurrency mining restrictions. 

With this partnership, Russia hopes to reduce its dependency on Western technologies by bolstering its AI and digital economy. As per Igor Runets, CEO of BitRiver, this action will establish Russia as the second-largest cryptocurrency mining hub globally .

For large-scale enterprises, the nation’s new mining legislation provides precise guidelines. Russian miners are now required to register, report their activities, and adhere to strict energy limits, ensuring transparency and efficiency.

Read CRYPTONEWSLAND on google news

BRICS’ Broader Economic Vision

Brazil, Russia, India, China, and South Africa are keen to establish a separate digital ecosystem, further supported by the recent addition of Saudi Arabia, the United Arab Emirates, Egypt, Ethiopia, and Iran to advance their scientific and economic goals. These nations seek to lessen their dependency on Western financial institutions by creating autonomous payment systems and digital infrastructure.

According to Kirill Dmitriev, CEO of RDIF, the partnership between BitRiver and RDIF signifies BRICS’ dedication to sovereignty in AI and blockchain development. Besides creating more jobs, this initiative strengthens cross-border settlements among BRICS partners, enhancing liquidity and economic growth.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.