Russia Takes Lead, Allows International Trade in Bitcoin

The Russian Ministry of Finance announced Russia’s pro-crypto decision.
The nation will allow international trade in Bitcoin and crypto.
It will do so for any industry without restrictions.

In an astounding turn of events, Russia has gone bullish in Bitcoin and cryptocurrencies. The Head of Financial Policy at the Ministry of Finance says Russia will allow international trade of BTC and crypto for any industry without restrictions.

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As we can see from the tweet above, the Twitter crypto community is fluttering over Russia’s latest pro-crypto decision. While some responses hint at a possible new crypto race between Russia and the USA, others are commending Russia for its bullish decision.

Last week, Russian officials approved the use of crypto for cross-border payments. In fact, Deputy Finance Minister Alexei Moiseev said the policy is all for acquiring cryptocurrency to see what can be done with it.

It seems inevitable for the nation to have finally taken a positive turn on cryptocurrencies and Bitcoin (BTC). After all, over 50% of Russia’s financial pyramids came from crypto-related ventures in Q1.

Earlier this year, Russian leaders pushed for Bitcoin trading and Bitcoin mining regulations. Even more concerning was when Putin signed a bill to outlaw all cryptocurrency payments in Russia.

Therefore, Russia’s latest move to allow international trade in Bitcoin and crypto has many rejoicing. Perhaps the nation changed their stance on the matter from seeing the power of cryptocurrencies first-hand.

For instance, cryptocurrencies played a huge role throughout the Russia-Ukraine war. Many platforms banned Russian users from their platforms. Meanwhile, Ukraine was able to fund most of its war efforts thanks to global funds in the form of NFTs and cryptocurrencies.

Presently, more and more nations are beginning to embrace all things cryptocurrencies. Lately, the Middle East has been actively working to bring blockchain technology to the heart of their future vision. Bahrain was the latest to make this move by launching Bitcoin Payments tests with OpenNode.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.