The post VanEck Reveals China and Russia Are Settling Energy Deals in Bitcoin appeared on BitcoinEthereumNews.com.

A recent report by VanEck has disclosed that China and Russia are settling energy trade with Bitcoin and other cryptos.  Multiple countries have also been reported to explore ways to bypass the US Dollar in their importations.  Investment management firm VanEck has confirmed that China and Russia have advanced efforts to practicalize their Bitcoin interest in an ongoing trade involving energy. According to the report authored by head of research Matthew Sigel, this decision was influenced by the April 2 reciprocal tariffs imposed by the US on China, the EU, and other countries. The Details of the Story VanEck’s report comes after Reuter highlighted last month that China and Russia are using cryptos in their oil trade to evade US sanctions. According to them, tens of millions of dollars are spent monthly in this trade. Explaining how it is done, the outlet stated that Chinese buyers of Russian oil make payments in Yuan to a trading company that acts as a middleman. The middleman then converts the money into Bitcoin, Ether, USDT or any other stablecoin and transfers it to another account. From there, the cryptos are sent to another third-party account in Russia, which is then converted to Rubles. Meanwhile, Sigel believes that the interest of Bitcoin in international trade is also being considered by several other countries. According to him, Bolivia is set to import electricity using crypto. Similarly, the French energy utility (EDF) is exploring ways to channel its surplus electricity into Bitcoin mining. As indicated in our previous publication, Bitcoin currently exists as a better substitute for economies seeking to bypass the dollar like the BRICS, pushing it from a mere speculative asset to a crucial monetary tool. Impact of the US and China Tariff War on Bitcoin As highlighted in our previous article, the US…

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Filed under: News - @ April 10, 2025 6:28 pm