Russia Has Been Using Bitcoin for International Transactions
Russia, in the last 3 years, has been caught in a cycle of sanctions by the West due to the invasion of Ukraine. The sanctions also concern a large part of international trade and the exclusion of Russia from certain banking systems.
Russia's main trading partners are China and Turkey, which have the largest transaction volumes. However, for the settlement of payments, banking systems have complicated the story for the Russians.
For this reason, the Russians have turned to alternative solutions such as cryptos, with Bitcoin as their main tool, but also other cryptos.
In this way, cryptos seem to have found another stage for their development and the place they will have in the global banking system in the coming years.
Whether as a medium of exchange or as a strategic reserve for an economy, cryptos will be an alternative to many things we take for granted in the banking system…
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