Russia embracing bitcoin in bid to bypass sanctions as Biden plans more before Trump comes in
FirstpostRussia has begun using Bitcoin and other digital currencies for international trade. The shift aligns with US President Joe Biden’s efforts to reinforce his administration’s stance on Russia before the transition to President-elect Donald Trump Russia has started using bitcoin and other digital currencies for international trade after legislative changes designed to counter Western sanctions, Finance Minister Anton Siluanov confirmed. The shift coincides with US President Joe Biden’s efforts to strengthen his administration’s stance on Russia before transitioning power to President-elect Donald Trump. Putin noted bitcoin’s decentralised nature, saying, “No one in the world could regulate bitcoin.” Biden prepares final sanctions push As Russia explores cryptocurrency avenues, Biden is preparing new sanctions against Russia’s energy sector in the final weeks of his presidency. “The goal of a new major sanctions action should be a double-digit decline in their export revenue over six to 12 months,” said Peter Harrell, a former senior Biden administration official was quoted as saying by The Washington Post.