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Russia Uses Bitcoin (BTC) and These Two Altcoins in Its Trade with China!
In recent days, *Russia, which has taken important steps in *Bitcoin (BTC) and cryptocurrencies, has turned to cryptocurrencies in trade.
According to Reuters, sources close to the matter said that Russia is using cryptocurrencies in its oil trade with China and India to circumvent Western sanctions.
Russia has openly encouraged the use of cryptocurrencies and passed a law last summer allowing cryptocurrency payments in international trade. However, there has not been a statement about the use of cryptocurrencies in Russia's oil trade before.
Sources told Reuters that some Russian oil companies are using Bitcoin, Ethereum (ETH) and Tether (USDT) to facilitate the conversion of Chinese yuan and India rupees into Russian rubles.
One of the sources said that Russia has set up several systems to circumvent sanctions, and USDT is (Tether) just one of them.
U.S. President Donald Trump is trying to improve relations with Russia while pushing for an end to the war in Ukraine.
Even if these negotiations respond positively, it remains unclear whether the sanctions imposed on Russia will be lifted.
One of the sources said that even if sanctions are lifted and the dollar can be used again, cryptocurrencies will continue to be used in Russian oil trading. He added that cryptocurrencies like Bitcoin are a useful tool in trading and help run operations faster.