Russia leans on cryptocurrencies for oil trade, sources say
- Russia is using cryptocurrencies in oil trade with China and India to evade Western sanctions, according to Reuters' report citing unnamed sources.
- The Russian Central Bank has softened its stance on cryptocurrencies and launched an experimental legal framework for trading them, but it does not recognize them as legal tender, as reported.
- Intermediary trading firms convert payments made in yuan or rupees into Bitcoin, Ethereum, or Tether, which are then exchanged for rubles in Russia, as revealed by sources.
- Despite the small scale of cryptocurrency transactions in Russia's $192 billion annual oil trade, usage is rising, and experts anticipate continued reliance on digital currencies even if sanctions are lifted, according to the report.
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Russia Using Crypto in Chinese and Indian Oil Trade – Reuters
Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reported Friday, citing four sources with direct knowledge of the matter.
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- 43% of the sources are Center
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