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 giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.