The post How Bitcoin is Helping Russia to Bypass Record 19,535 Sanctions appeared on BitcoinEthereumNews.com.

In recent years, Russia experienced a record number of sanctions, which totally transformed the economic situation in the country. Bitcoin is presenting itself as a tool and an instrument that enables Russia to overcome these restrictions and preserve its financial security. This article offers key information regarding how Bitcoin and cryptocurrencies are changing the international economy and trade. Key Events in Russia’s Shift Toward Cryptocurrency The current relationship between Russia and cryptocurrencies has changed rather dramatically over the past few years, especially in 2022. In January 2022, just when war was on the brink of escalating in Ukraine, the Central Bank of Russia suggested an outright ban of the mining, trading, and use of cryptocurrencies in the country. At that time, the very idea of decentralized finance was hard to imagine in Russia and there was no sign that Russia would change its policy and will start accepting cryptocurrencies. But the geography of the world stage was to change quite radically very soon. – Advertisement – On the 24th of February 2022 Russia began their invasion of Ukraine and in their wake, the west retaliated with 19,535 international Sanctions. After the invasion, local banks got more conservative, meanwhile many of the international players excited the Russian market, thereby cutting Russia off financial markets. The country suffered severe delays to international transactions, and trade deteriorated, particularly with major trading partners of China, India, and UAE. These growing problems came to a peak by mid-2024 and Russia began to look for alternatives – enter Bitcoin. Putin’s Growing Support for Cryptocurrency The turning point happened on the 8th of August, 2024 when Russia’s President Vladimir Putin enacted into law two bills. The first law allowed and regulated cryptocurrency mining, and the second law permitted using cryptocurrencies for cross border remittances to avoid sanctions.…

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Filed under: News - @ December 29, 2024 2:47 am