Pavel Zavalny, the Russian Federations Chief of Energy, has proposed the idea of accepting Bitcoin (BTC) as payment for its oil and gas from relatively friendly nations like China and Turkey.
He said that instead of the international standard U.S currency, these nations may begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Liras, or even BTC.
He went on to say that hostile countries might pay for their oil in Rubles or gold. At the moment however, it is unclear if Russia has the authority to amend the terms of current contracts with nations that pay in Euros or U.S dollars.
In related news, Russia has been looking at viable methods to avoid international economic penalties imposed on it for invading Ukraine. Russian banks have since been removed from the SWIFT system, preventing them from settling cross-border payments, and most firms, with the exception of the oil and gas trade, have similarly been barred from doing business with Russia.
Russian Chief of Energy Proposes Accepting Bitcoin For Oil And Gas From Trading Nations
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
October 17,2024
An Overwhelming Majority Of Asian Private Wealth Is Investing In Crypto
October 17,2024
WLFI Token Raises $5 Million As Technical Issues Persist
October 16,2024
DeLorean Motors May Copy Tesla And Adopt SHIB As Payment Option
October 16,2024
Everything You Need To Know About The New Ripple Stablecoin
October 15,2024
Hyperliquid Announces New HYPE Tokens Ahead Of Mainnet Launch
October 15,2024
New Ethereum Proposal Could Drastically Reduce Validator Threshold
October 14,2024
US DoJ Aims To Boost Market Trust By Targeting Meme Coin Scammers
October 14,2024
Chinese Researchers Breach Cryptographic Algorithms Via Quantum Computing
October 14,2024
Web3 Fundraising Deals - 8th To 14th October 2024
October 13,2024
Bitcoin Touches $63K As Meme Coins Continue To Soar
October 12,2024
Former Crypto CEO On The Run As Authorities Issue Arrest Warrant
October 11,2024