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Russian Lawmaker Suggests Accepting Bitcoin for Oil Payments as a Possibility - Poxolo.com

Russian Lawmaker Suggests Accepting Bitcoin for Oil Payments as a Possibility

As a result of Western sanctions, Russia is considering alternative payment methods for natural resource sales.

by Aapo Karjalainen
3 years ago

As the Western nations have imposed strict sanctions on Russia, it might accept Bitcoin(BTC) as an alternative for oil payments.

For the sale of oil and other natural resources, Russia might consider using BTC for a transaction, reveals a Duma committee chairman during a news conference on Thursday.

Duma deputy Pavel Zavalny said that Russia, which has been penalized for its aggression in Ukraine, may now sell gas to the West and “friendly” countries such as China or Turkey in exchange for national currencies or bitcoins.

“If they want to buy, let them pay in hard currency or pay as it is convenient for us,” Zavalny said according to a translation of his comments.

“The currencies may be distinct, as this is standard procedure. [As a result,] you may also trade bitcoins,” he added.

Over the last 90 minutes or so, Zavalny’s statements may have caused a significant jump in the price of the crypto currency.

The price of bitcoin has risen by over 3% on the day, to $44,000 for the first time since early March.

Categories: Crypto