Russia May Accept Bitcoin Payments for Oil Sales

The Russian Federation State Duma United Russia Party Deputy Pavel Zavalny made statements about Russia's ability to accept Bitcoin payments in the process of oil and gas sales.

According to the BBC report, Russian State Duma Member Pavel Zavalny made statements stating that countries considered friendly may be allowed to make payments in bitcoin or local currencies.

Recently, Russian President Vladimir Putin stated that he wanted non-hostile countries to buy their natural gas in rubles.

With this decision, the appreciation of the ruble, which lost more than 20 percent in value in 2022, came to the fore. Because after Russia's invasion of Ukraine, Western Countries and the USA caused a great blow to the Russian economy with the economic sanctions they applied and caused the value of the Russian ruble to decrease.

However, Russia remains the world's largest exporter of natural gas and the second largest supplier of oil.

Pavel Zavalny stated that they can also bring up the option of paying with Bitcoin for gas and oil exports. Commenting on the issue, market analysts think that Russia can benefit from the largest cryptocurrency (bitcoin) despite the risk of volatility.