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One of the countries that has been extensively sanctioned is China, which is rushing to find new revenue streams and has proposed accepting Bitcoin payments for electricity.
People in "friendly countries" like China and Turkey could pay for Russian oil and gas with Bitcoin. Pavel Zavalny, the country's energy chief, has talked about the idea.
As a result, he said that those countries could start paying for energy in Russian rubles or Chinese Yuan, or even Bitcoin (BTC) instead of the international standard US dollar.
Energy Committee Chairman Zavalny told a March 24 press conference that China and Turkey have been talking about changing the preferred currencies for the country's biggest export, oil. RBC says this is what he said.
As a follow-up, he said that "unfriendly countries" could pay for their oil with rubles or gold coins. If Russia wants to change the terms of an existing contract with a country that pays in Euros or US dollars, it isn't clear whether it can.
Explosive.
— Richard Medhurst (@richimedhurst) March 23, 2022
Russia is now demanding that Europe pay for gas in rubles.
Europe gets 40% of its gas from Russia. That’s 200-800 million euros per day.
Putin is basically saying: you want to play sanctions? Either pay up in rubles or freeze.
Russia has been looking into ways to get around international economic sanctions that were put on it for taking over Ukraine. Russian banks have been removed from the SWIFT system, which stops them from making cross-border payments. Most businesses aren't allowed to do business with Russia, except for the oil and gas trade.
Energy is the single most important thing that Russia sells, and it's a major source of energy for Europe and other countries that are having a hard time replacing it. People who work for Reuters say that in 2021, Russia made $119 billion from oil and gas trades.
Russia Briefing says that in 2021, the energy trade made up 53.8 percent of Russia's total exports of $388.4 billion. This included electricity, kerosene, coal, and natural gas.
The crypto market seems to be happy about the news that BTC can now be used in more countries. Bitcoin is up 2.5% over the last day and is now trading at $43,917, according to CoinGecko. This is close to its 30-day high.
A new digital payment system may be coming to fruition right in front of Larry Fink, the CEO of Blackrock, the world's largest asset manager. On March 24, Fink wrote a letter to shareholders. He said that global political turmoil could make it easier for countries to use digital currencies to pay for things like goods and services across borders.
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