After a lengthy period of hostility against cryptocurrencies, Russia suddenly wants to gamble on bitcoin.
Will bitcoin become a standard currency in Russia soon? Sanctions on Russia have increased since the commencement of hostilities in Ukraine.To the point that the country is no longer eligible for Swift international payment arrangements, thereby shutting the country in on itself. A circumstance that has forced the Russians to gamble on non-fiduciary currencies: for some weeks now, the country has been striving by every means to dodge international sanctions while maintaining the price of a ruble in free fall afloat.
Gas may be paid in bitcoin.
To say the least, Pavel Zavalny, the chairman of the Russian Parliament’s Energy Committee, made an unexpected recommendation this week. China and Turkey, both allies of Russia, have been encouraged to pay for Russian oil and gas with bitcoin. A suggestion that appears to be a present for the country, which recently required the payment of gas in rubles to countries opposing the conflict. For the time being, however, this is merely a proposal, especially since changing the currency would be a violation of earlier agreements between states.
Will bitcoin replace the ruble?
The Russian sovereign currency has lost 25% of its market value since the start of the war. As a result, it’s understandable that the Kremlin is trying to get back on its feet after being knocked down by a currency depreciation with far-reaching implications for Russians’ daily lives. This shift in attitude toward cryptocurrencies, however, comes as a surprise: the Kremlin has been particularly opposed to cryptocurrencies since the crisis began. The fault of widespread panic prompted the Russians to spend $20 million in bitcoin in order to avoid international penalties.
Following a period of decline, bitcoin is presently on a rally that is substantially in its favor. Despite several months at half-mast, its stock market value is presently estimated at 43,000 euros.