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Russia’s top management is seriously considering accepting bitcoin for oil and natural gas

Russia’s top management is seriously considering accepting bitcoin for oil and natural gas

At a press conference on Thursday, the head of the Energy Committee of the Russian State Duma spoke of Russia’s desire to be more flexible in payment options when it comes to “friendly” countries such as China or Turkey.

President Pavel Zavalny said that they are studying the possibility of buying the son of the nation in addition to its currency.

Bitcoin as an option to pay for Russian energy exports.

“We advised China a long time ago to switch to the national currency, the ruble and the yuan. There will be a lira and a ruble with Turkey,” Zavalny said.

Bitcoin can also be traded

Bitcoin is up nearly 2.4 percent in the past 24 hours to around $44,000.

On Wednesday, the head of the Energy Committee also reiterated former President Vladimir Putin’s pledge that “unfriendly” countries should pay in Russian rubles for gas.

If they want to buy, then they have to pay either in hard currency, that is, gold for us, or pay as we see fit, that is, in the national currency

Zavalny said.

By the way, Putin has talked about bitcoin in an encouraging tone before. In 2021, the Russian leader told CNBC presenter Hadley Gamble that while he believed in the value of bitcoin, he wasn’t convinced that it would replace the US dollar in the oil trading account. In comparison, however, the Kremlin’s top management is now considering it could be a form of payment for major exports. In any case, it is doubtful that Bitcoin will be able to support such a large volume of international trade due to the relative lack of liquidity.

See also  Putin makes an unexpectedly unusual announcement!

Cover Photo: Getty Images

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