BRICS Pushes Crypto for International Trade Amid Western Sanctions

• BRICS nations aim to integrate Bitcoin into trade, bypassing Western sanctions, and boosting financial independence.
• Russia partners with RDIF to enhance crypto mining, positioning itself as a global leader in the digital economy.
• BRICS expands, pushing for a self-sufficient digital system, reducing reliance on Western financial infrastructure.

The BRICS nations are integrating cryptocurrencies into their economies to bypass Western sanctions. At the ongoing BRICS summit in Kazan, Russia, lawmakers are exploring ways for Russian miners to sell their Bitcoin to international buyers. 

If consumers can use Bitcoin and other cryptocurrencies to pay for goods, the BRICS countries might develop alternative financial systems. The restrictions of traditional banking, which is mostly dependent on US money, are thereby being circumvented by people through the use of cryptocurrencies.

Russia’s Push to Lead in Cryptocurrency Mining

Russian mining companies, like BitRiver, are seizing this opportunity. Besides operating under BitRiver, it has established a strategic alliance with the Russian Direct Investment Fund (RDIF) in response to the new cryptocurrency mining restrictions. 

With this partnership, Russia hopes to reduce its dependency on Western technologies by bolstering its AI and digital economy. As per Igor Runets, CEO of BitRiver, this action will establish Russia as the second-largest cryptocurrency mining hub globally.

For large-scale enterprises, the nation’s new mining legislation provides precise guidelines. Russian miners are now required to register, report their activities, and adhere to strict energy limits, ensuring transparency and efficiency.

BRICS’ Broader Economic Vision

Brazil, Russia, India, China, and South Africa are keen to establish a separate digital ecosystem, further supported by the recent addition of Saudi Arabia, the United Arab Emirates, Egypt, Ethiopia, and Iran to advance their scientific and economic goals. These nations seek to lessen their dependency on Western financial institutions by creating autonomous payment systems and digital infrastructure.

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According to Kirill Dmitriev, CEO of RDIF, the partnership between BitRiver and RDIF signifies BRICS’ dedication to sovereignty in AI and blockchain development. Besides creating more jobs, this initiative strengthens cross-border settlements among BRICS partners, enhancing liquidity and economic growth.