As global tensions rise, Russia is increasingly turning to Bitcoin and other cryptocurrencies to bypass Western sanctions, a key topic at the ongoing BRICS summit.
Russian lawmakers are exploring options to allow local miners to sell Bitcoin to international buyers, enabling trade without relying on the US dollar.
President Vladimir Putin revealed that BRICS nations are considering cryptocurrencies like Bitcoin and XRP for alternative payments, aiming to strengthen their economic position outside Western influence.
In a significant development, BitRiver, a major Russian mining company, has partnered with the Russian Direct Investment Fund (RDIF) to establish data centers for Bitcoin mining across BRICS countries. CEO Igor Runets stated this initiative will boost cross-border transaction liquidity and support advancements in AI and digital technologies.
Russia is also accelerating its cryptocurrency regulations, having implemented a new mining law in August 2024 that requires miners to register and comply with energy standards.
This law allows Russian-mined cryptocurrencies to be used for international payments, further integrating them into global trade. Additionally, plans for cryptocurrency exchanges in Moscow and St. Petersburg aim to enhance the nation’s digital economy.
Bitcoin (BTC) is currently consolidating within the $93,500–$95,250 range, according to crypto analyst Michaël van de Poppe, who views the current price movement as part of a broader uptrend.
His prediction is rooted in growing instability across traditional financial systems and what he believes is the emergence of the most powerful bull market in history.
Japanese investment firm Metaplanet has officially joined the ranks of the world’s largest corporate Bitcoin holders, announcing Thursday the purchase of 145 BTC — pushing its total stash to 5,000 BTC, currently valued at around $460 million.
As global sanctions continue to isolate Russia from traditional financial networks, the country’s top financial bodies — the Central Bank and the Ministry of Finance — are preparing to launch a government-backed cryptocurrency exchange.