Russia that uses Bitcoin, USDTT for Petroleum Trades with China and India: Report

3 hours ago

0 17 2 minutes read

Russia that uses Bitcoin, USDTT for Petroleum Trades with China and India: Report

Russian companies used cryptocurrency such as Bitcoin and USDTT to facilitate trade with China and India in the middle of international sanctions, according to Reuters report.

Russian oil companies used crypto funds including bitcoin (Btc) and Tether’s USDT (USDTT) For international trade, Reuters export 14. Marta, referring to four sources with direct knowledge of the issue.

One Russian oil trader allegedly performs tens of millions of monthly values in dollars using digital assets, according to the source that spoke about the state of anonymity due to an unenient agreement.

While the Russian finance minister declared publicly at the end of 2024. Years Russia is free to use property such as Bitcoin In external trade, the use of crypto in oil transactions with China and India was not previously reported.

Russian oil trade in Kruptou: How does it work?

According to Reuters, Russia Foreign Petroleum Trade Cript includes intermediaries who manage offshore accounts and facilitate transactions in the customer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company that acts as an intermediary in Juan to offshore account.

The intermediary then turns payments in the CRIPTO property and is transferred to another account, which then sends it to the third account in Russia and turns it to Russian rubles, sources said.

Cripto will be used regardless of sanctions

According to one of the sources of Reuters, the cropto will probably still be used in Russian foreign petroleum trading regardless of whether all sanctions are established, and even if sanctions are abolished and that Russia is free to use the dollar.

“It’s a suitable tool and helps start running faster,” report said, referring to the source.

News comes in the middle of a bank of Russia officially Proposing the legalization of investments on cryptocurrency For individuals high net bags that have at least $ 1.1 million with securities and deposits.

Bitcoin is still very limited in Continental China

While Russia is increasingly open to Bitcoin, including its use in foreign trade, continental China maintained a cautious and restrictive approach to cryptocurrency.

Then Prohibit practically all crypto transactions In 2021. year, the authorities in continental China held a restrictive program on crypto, while neighboring jurisdiction Hong Kong appeared as a global cryptic center.

Despite the limitations, the mainland China remained one of the global leaders In Bitcoin mining, raising controversy over the application of its crypto ban.