The buyer’s national currency enters the offshore account, the intermediary converts the funds into cryptocurrency and transfer them to the second account, from where digital assets are displayed to the third account in Russia and exchange for rubles. A similar approach has already helped Iran and Venezuela maintain its economy under the pressure of US sanctions, writes Reuters.
The sources of the agency said that against the backdrop of the total export of Russian oil in $ 192 billion over the past year, the volume of crypto operations is still small, but it demonstrates gradual growth. The convenience and speed of cross -border payments confirm the viability of the scheme, which involves its use even after lifting international sanctions. One of the oil register in China is already conducting cryptocurrency transactions for tens of millions of dollars monthly.
In the summer of 2023, a law began to operate in Russia, allowing the use of digital currencies in international calculations.
The developer of the Nano Labs mining microcircuits, whose shares are quoted on the NASDAQ stock exchange, said that he was starting to accept bitcoins as a payment through a business account on the Coinbase platform.
Source: Bits
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