According to President Putin, the U.S. government has used the U.S Dollar to wage war, diminishing its role as the reserve currency. Therefore, he is in favour of Bitcoin now, arguing that no one can regulate the cryptocurrency. Since Bitcoin is not controlled by any single state, it is the perfect means to avoid sanctions.

The Russian government has been a historic opponent of bitcoin, banning its use for domestic payments, but has recently come to see the potential benefits of virtual currencies for evading U.S. and Western sanctions.

Bitcoin rose early Friday, but is still in the red for the week. Meanwhile, news out of Russia over Christmas may be something crypto investors should keep an eye on. The world’s largest cryptocurrency is up 0.

Russia has begun using Bitcoin and other digital currencies for international trade. This move follows legislative changes aimed at countering Western sanctions. The shift aligns with US President Joe

Bitcoin and BRICS are considered to be helpful for reducing Russian dependence on the US dollar. Russia began international dealings through Bitcoin. Russia trusts digital currencies to make inter-nation trade easier in ways that can protect it from US sanctions and give greater control over global trade with and over the US dollar.