Lawmakers from BRICS nations are advocating for Russian miners to sell their Bitcoin to international buyers as a way to bypass Western sanctions. The idea is for countries to use Bitcoin and other cryptocurrencies to pay for imports, effectively reducing reliance on the US dollar as the dominant currency in international trade. Russian President Vladimir Putin has expressed his support for finding alternatives to the dollar, highlighting the BRICS nations' commitment to economic cooperation beyond traditional financial systems. In line with this goal, Russia is working on creating a settlement and payment infrastructure that would bypass the Swift system. Additionally, Russia's BitRiver and the Russian Direct Investment Fund have partnered to launch a BRICS-wide mining initiative, aiming to establish crypto and AI data centers across member nations. This partnership aligns with Russia's recent crypto mining regulations and signifies the growing influence of BRICS in the crypto space as the coalition aims to create a self-sufficient, technologically advanced ecosystem.
- Content Editor ( cryptobriefing.com )
- 2024-10-23
BRICS leaders push Bitcoin to bypass Western sanctions as Putin calls for alternatives