Bitcoin payments are becoming one of the most preferred options for everyone since the lightning network has been introduced. Many around the world are willing to pay in BTC for their daily purchases. Recently, it was unveiled that Russia might accept BTC as a form of payment for its energy exports of oil and gas. Such an update has been announced by the nation’s energy committee.
Why does Russia aim to adopt Bitcoin payments?
According to few reports, it is noted that accepting Bitcoin payments for energy and oil will help Russia substitute its ruble. Such measures are part of the nation’s bid to decrease the use of the euro and dollar. Moreover, it will substitute it with ruble and national currencies of its ally nations like China and Turkey.
Following the news, Pavel Zavalny, the committee leader made the televised announcement and highlighted that the decision was made as a reaction to the sanctions that Russia is facing due to the war on Ukraine.
Furthermore, Zalvany indicates that Western countries that are still importing oil and gas from their country will have to pay Ruble or Gold. Notably, this includes European nations that are not allied with Russia.
Soaring gas prices
Following that Russians would accept Bitcoin payments for gas and energy, the gas prices skyrocketed in Europe. This comes as the buyers of gas and energy globally have opted out of consuming Russian oil as a way to sanction the nation.
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Source: https://www.thecoinrepublic.com/2022/03/25/russia-could-accept-bitcoin-payments-for-oil-and-gas/