Russia is currently one of the most sanctioned countries in the world, with most of the trading and travel sanctions coming from the US. These measures are based on the narrative that by doing so, America will somehow stop the war in Ukraine. Good joke, guys...

Lately, Russia has found ways to circumvent some of these trade sanctions by using the Ruble and the Chinese yuan for trades conducted between BRICS countries instead of the dollar.

Now, Russia is taking "circumvention" even further, with official announcements citing the use of cryptocurrencies for such trades. It seems that the ex-communist country is about to set up special organizations that will deal with mining cryptocurrency.

"We adhere to the same position that, within the country, cryptocurrency should not be used. As for foreign payments, we assume that this is possible in the form of an experiment. An analysis will be carried out of what kind of organization this can be.

For now, there is just a discussion with the government so that their sphere of activity is understood, which banks they serve, and how much they can interact with representatives".
source

I guess Satoshi was first, and the world sure needs a "peer-to-peer money system" that is internationally accepted and doesn't involve any third party. The announcement came out a couple of days ago, and instead of pumping, Bitcoin has done the opposite. It is good news, nevertheless.

However, and this is a big however, Russia is willing to use cryptocurrencies for international settlements solely at a governmental level. Regular citizens won't be allowed to use such digital currencies in exchange for goods. I guess that would weaken the Ruble even more.

The situation as a whole is a push for the mass adoption process of Bitcoin and several other cryptocurrencies. To me, it is eye-catching that Russia is making such a step while the US is turning a bit hostile lately against the crypto industry.

El Salvador is actually the most prolific example of Bitcoin mass adoption so far, but what Russia is doing should not be overlooked. I guess the world needs crises for true mass adoption of crypto. It is also worth mentioning that while official entities will be allowed to trade internationally using crypto, retail is going to be served CBDCs soon.

Bitcoin was hammered when trying to breach the $31k level a couple of days ago, but the rally is not over yet. This is just a correction of the 2023-2025 bull market, one among many others to come. So hold tight, enjoy the show, and don't sell your Bitcoin for cheap.

Thanks for your attention,
Adrian