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The 16th BRICS Summit, hosted by Russia in the vibrant city of Kazan, kicked off on October 22nd, 2024, amidst a buzz of anticipation and speculation. Many speculated that Russia, struggling under heavy economic sanctions due to its military actions in Ukraine, would propose bold strategies to reshape the global economic order and challenge Western influence. What were these ideas? What changes shall they bring? Let’s find out. Russia Advocates Bitcoin Fueling the speculation, Matthew Sigel, Head of Digital Assets Research at VanEck, shared on X (formerly Twitter) that Russian lawmakers were pushing the idea of using Bitcoin to get around the sanctions. This revelation quickly sparked interest in the crypto community, raising the question: Could this boost the Bitcoin market? As the BRICS Summit Kicks Off, Top Lawmakes Are Pushing the Idea that Russian Miners Could Sell Their #Bitcoin to International Buyers, Who Would Use BTC and Other Crypto to Pay for Imports, Effectively Bypassing Western Sanctions. 🧵 pic.twitter.com/AyI8Km64Y1 — matthew sigel, recovering CFA (@matthew_sigel) October 23, 2024 Bringing Cryptocurrencies to the BRICS Discussion As expected, Russia brought the topic of cryptocurrencies to the BRICS discussion. Sigel mentioned that Russian officials suggested using Bitcoin for international trade payments, signaling their urgency to find ways around Western financial barriers. The effects of these sanctions aren’t limited to Russia. For instance, Italian small and medium-sized enterprises (SMEs) have voiced concerns about the challenges of exporting goods to Russia, with payment processing being the main obstacle due to the restrictions. Why Bitcoin is Appealing to Sanctioned Nations Because cryptocurrencies are decentralized, they are hard to control or restrict, making them an attractive option for countries facing economic sanctions. For Russia, using Bitcoin could help solve some of the issues related to payment processing under the current restrictions. It’s clear why Russian representatives…

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Filed under: News - @ October 24, 2024 9:19 am