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Russia exploring bitcoin as payment option for oil and gas export

Russia is exploring accepting payments in bitcoin for its oil and gas exports after being struck with repeated harsh sanctions for its invasion of Ukraine. Pavel Zavalny, the leader of Russia’s Duma Committee on Energy, stated during a media briefing on Thursday that Russia may soon enable friendly countries like China, Turkey and others to pay for Russian oil and natural gas using Bitcoin in addition to their native currencies.

However, Russian President Vladimir Putin declared earlier this week that he wanted unfriendly countries to purchase Russian gas using only ruble. Ruble is Russia’s official currency.

Bitcoin price increases after Russia consider it for Oil and Gas

Bitcoin extended its three-day winning run, rising 4% to USD 44215 at midday. In the recent past, the time when bitcoin was trading over USD 44000 was on March 3. Bitcoin’s value has increased by 9% in the previous seven days, as the cryptocurrency market continues to recover from its losses from last month. As a consequence, the global crypto market capitalization has regained USD 2 trillion for the first time after mid-February.

However, the governments from countries like the USA, Ukraine and others have pressured global crypto platforms like Coinbase, Binance, KuCoin, Huobi, Whitebit, and Bybit to curtail their operations in Russia.

Is it possible that the Russia-Ukraine situation would hasten the adoption of digital currencies? What are your thoughts on the matter? Stay connected to have a watch on the new development in the crypto world.

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