Russia Is Considering Accepting “Bitcoin” for Oil Sales

Pavel Zavalny, Chairman of the Committee of the State Duma of the Russian Federation on Energy, said in a press conference last week that the Russian Federation will be selling energy resources in Rubles, Gold and potentially Bitcoin.

Russia Considers Bitcoin Payment for Oil Trades

While addressing state-owned media regarding Russia’s currency options for oil sales, Zavalny notably said, “The currencies used can be different and it’s a normal practice. If it’s Bitcoin, then it’s Bitcoin.”

Exactly a month ago, Russia launched its first attack on Ukraine, sending in bombs and soldiers to the country’s capital, Kyiv and other major cities in Ukraine.

Many countries around the world strongly disapproved of Russia’s attack on Ukraine. To show their disapproval, some countries restricted Russians from accessing services offered by their countries.

However, due to the decentralized nature of cryptocurrencies, it seemed easy for Russia to bypass sanctions and trade with other parts of the world.

In an effort to limit Russia’s economic buoyancy, the European Central Bank (ECB) has warned cryptocurrency-related firms against helping Russia evade financial sanctions placed on the country amid the geopolitical conflict it has with Ukraine.

Similarly, several government authorities, including Ukraine, called on cryptocurrency trading platforms to restrict accounts owned by Russians.

But several crypto firms, including Binance, Coinbase and Kraken, refused to comply with freezing the accounts of Russian users. The underlying reason being that outright banning use of cryptocurrency by Russians stands against what crypto was created for.

Binance, however, blocked users with cards issued by sanctioned Russian banks from accessing its crypto services earlier this month. This action was taken, while still allowing innocent users in Russia to access the platform.

While some crypto exchanges have refused to ban Russian users, others have complied with authorities and banned Russian users from their platforms. The exchanges include South Korean exchanges Upbit, Gopax, Bithumb and Korbit.

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