Russian officials are looking into using Bitcoin (BTC) for international trade. This move aims to bypass the US dollar system. According to a Bloomberg report shared by Matthew Sigel from VanEck, key lawmakers believe that Russian mining companies could sell their BTC to international buyers. These buyers would then use the coins to pay for imports, effectively avoiding sanctions.
This year, Russia has made significant strides to protect its economy from sanctions. They have allowed the use of cryptocurrency for international trade and are working on launching their own crypto exchanges and stablecoins.
At a recent BRICS Business Forum, the Russian crypto-mining firm BitRiver discussed a partnership with the Russian Direct Investment Fund (RDIF), which is the country’s sovereign wealth fund. This collaboration focuses on using BitRiver’s data centers to boost Russia's presence in the artificial intelligence (AI) sector and the global computing power market. They also plan to build data centers in other BRICS countries.
Igor Runets, the CEO of BitRiver, emphasized the importance of mining in the digital economy. He stated, “Mining is not just the foundation for the digital economy. If Russia catches up with the United States in mining, it means our country cannot be ignored. This will lead to economic growth, liquidity for settlements with our partners, and the creation of skilled jobs throughout the country.” He added that the partnership with the RDIF will focus on creating an infrastructure based on mining, including building data centers and connecting them to necessary resources for AI-related projects.
BRICS originally included Brazil, Russia, India, China, and South Africa. Recently, it welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates. Other countries have also expressed interest in joining.