Russia Could Start Accepting BTC For Oil Payments

Russia could start accepting BTC for oil payments according to the latest bitcoin news that we have today after a member of the State duma confirmed.

As the war between Ukraine and Russia continues and the sanctions over the latter loom, Russia could start accepting BTC for oil payments. Pavel Zavalny who is the deputy for the United Russia party in the 7^th State Duma of the Federation was quoted saying that the country could accept BTC for oil payments soon. He said:

“If they want to buy, let them pay either in hard currency – and this is gold for us, or pay as it is convenient for us. The set of currencies can be different, and this is normal practice, so you can also trade bitcoins.”

It is unclear whether the most recent market moves are related to the above comments but BTC reached $44,000 for the first time since March.

As recently reported, Anonymous hacks Russia’s central bank and threatened to release thousands of secret documents. The group continues to warn global companies that haven’t yet withdrawn from Russia to do so or they will be hacked next. It has been a month after Vladimir Putin launched a special military operation against Ukraine and there’s no clear end in sight. EU and NATO as well as other countries refused to get involved in the war but condemned Russia’s actions. However, they decided to start imposing various sanctions against the aggressor and its people. Plenty of global companies like Apple, Ikea, Nike, visa, Mastercard, and Paypal stopped servicing Russia-based customers.

The Russia central bank stepped up the monitoring of P2P transactions and crypto transactions and the bank even proposed the nation’s commercial banks should also tighten the monitoring of crypto and other operations. The objective is to stop transactions that attempt to evade the special economic measures to counter the outflows of the foreign currency abroad. The proposal mentions that scrutinizing crypto trading is one of the ways of withdrawing capital in Russia which was mentioned in the letter by the CBR vice-chairman Yuri Isaev sent to other organizations for them to start inspecting the transactional activity which includes any spending pattern. The financial institution will target withdrawals via digital currencies and similar expenditures.