Cryptocurrency

Russia Mulls Over Crypto Payment for Oil as Bitcoin Rallies to $40,000

Russia Mulls Over Crypto Payment for Oil as Bitcoin Rallies to $40,000

  • Russia is considering accepting Bitcoin for oil and gas export payment, a high-ranking lawmaker of the country has revealed
  • Pavel Zavalny stated that countries can pay for petroleum products in either the cryptocurrency or their local currencies
  • The cryptocurrency market has rallied, following this news, as Bitcoin is trading above $44,000, according to CoinMarketCap

High-ranking lawmaker of Russia, Pavel Zavalny has revealed that the country is set to begin accepting Bitcoin and as payment for its Oil and Gas products.

Russia Invasion

The lawmaker revealed that “friendly” countries could be allowed to pay for exports in either the flagship cryptocurrency or their local currencies.

This comes after President Vladimir Putin announced earlier this week that he wanted “unfriendly” countries to buy its gas with Russian roubles.


The calculated move is part of the Eastern European country’s plan to boost its currency which has lost more than 20% in value in 2022 alone.

Since Russia began its invasion of Ukraine, the country has been hit with sanctions from the UK, US and the European Union, which has reduced the value of its currency and raised the cost of living.

Read also: Crypto.com Inks Sponsorship Deal With FIFA for 2022 World

However, the country remains one of the biggest exporter of natural gas and oil, and is exploring alternative ways to receive payment for its products.

Bitcoin

The cryptocurrency market has reacted positively to the news as Bitcoin jumped to $44,2000 this morning, according to data from CoinMarketCap.

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