Bitcoin and cryptocurrencies have been embraced by world leaders in recent years, with U.S. president Donald Trump reportedly planning to buy up huge swathes of bitcoin.
The bitcoin price has surged to around $80,000 per bitcoin, up from around $50,000 this time last year, though one legendary trader’s prescient bitcoin price prediction has forecast a huge shift has already begun.
Now, as traders scramble to get ahead of countries that could rush to follow the U.S. into bitcoin, a leak has revealed Russia is using crypto to trade with China and India and skirt international sanctions—as the Bank of Russia opens up bitcoin and crypto buying to a “limited circle of Russian investors.”
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
Russia’s president Vladimir Putin and U.S. president Donald Trump have both changed their tune on … [+]
Oil companies in Russia are using bitcoin and other cryptocurrencies including ethereum and the stablecoin tether to help convert rubles to China’s yuan and India’s rupee, it was reported by Reuters, citing anonymous sources.
Bitcoin and crypto are now favored as a means of trade among Russia’s oil companies to the extent they would continue to be used even if sanctions were lifted and the U.S. dollar could be used again, according to the report.
Russian oligarchs and billionaires hit by severe financial restrictions following the country’s invasion of Ukraine reportedly turned to bitcoin and crypto as far back as 2022.
Meanwhile, the Bank of Russia has announced this week it intends to allow a “limited circle of Russian investors” to buy and sell bitcoin and other cryptocurrencies.
“In accordance with the instructions of the president of Russia, the Bank of Russia has sent proposals to the government for discussion on regulating investments in cryptocurrencies,” a translated announcement read.
“This is a new status that … citizens will receive if their investments in securities and deposits exceed 100 million rubles or if their income over the past year was more than 50 million rubles.”
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has surged in recent years, helped by countries including the U.S. and Russia … [+]
Russia’s central bank has gradually softened its opposition to bitcoin and crypto, last year backing a law that allowed businesses to use crypto for international trade.
Russia’s growing support for bitcoin and crypto comes as Donald Trump’s administration gears up to make bitcoin a strategic reserve asset, freezing the planned sale of bitcoin and crypto the U.S. has seized.
This week, a White House leak has revealed one of Donald Trump’s top bitcoin and crypto officials reportedly said the Trump administration wants to acquire as much bitcoin as possible—helping the reverse a bitcoin price sell-off that was triggered by Trump’s bitcoin reserve plans falling short of expectations.
Russia’s president Vladimir Putin had earlier praised bitcoin as an alternative to foreign currency reserves following the seizure of its funds by Western governments in the aftermath of its invasion of Ukraine.
