Russia's energy chief says it would accept Bitcoin for oil and gas
The heavily-sanctioned country is scrambling to find ways to increase its revenue and has floated the possibility of allowing China and Turkey to pay for energy in Bitcoin. The Russian Federation's energy chief Pavel Zavalny has floated the possibility of accepting Bitcoin as payment for its oil and gas from “friendly countries” such as China and Turkey.He said those countries could begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Lira — or even Bitcoin (BTC) — rather than the international standard US dollar. According to Russian news media RBC, Chairman of the State Duma....
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Per a report from RBC, Russia will accept Bitcoin to trade their energy resource. Pavel Zavalny, Chairman of the State Duma Committee on Energy, announced today that the country will let “ally” countries pay for their oil with their local currencies or in cryptocurrency. Related Reading | FinCEN Warns Russia Not To Use Cryptocurrency To […]
The tables have turned in Russia as the country’s energy minister calls for the legalization of crypto mining. Russia has had to fend for itself in recent months as it has faced escalating sanctions from the West and other nations. On Saturday, Deputy Energy Minister Evgeny Grabchak stated that Russia’s mining sector is now operating […]
Russia is moving away from the dollar and the euro as payment options for its energy exports, and bitcoin has been mentioned as a possible substitute alongside the ruble and the national currencies of partnering countries. A high-ranking parliamentarian has indicated that Moscow may take cryptocurrency for natural gas and other resources. Russian Official Mentions Bitcoin Among Alternative Settlement Methods for Its Gas The Russian Federation has been taking steps in response to unprecedented Western sanctions imposed over its invasion of Ukraine. The energy-rich nation is now looking to....
Russian rubles from 1995. Photo via LostBob Photos. It seems that Russia's ban on the usage of Bitcoin is working. As early as this time last month, Russia was actually in the top 3 when it came to ranking Bitcoin client download totals by country. It seemed that Russians were extremely interested in the digital currency, until certain members of the Russian government started to talk about Bitcoin in a negative manner. Russia is now in seventh place when it comes to Bitcoin downloads per week, which is a rather low spot for one of the largest countries in the world. China and the United....
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector. EU to Develop Energy Efficiency Label for Data Centers Amid Increasing Consumption in Mining The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to....