Russia uses cryptocurrencies in oil transactions with India and China, according to the new Reuters report.
Quoted from “four sources with direct knowledge of the issue”, the new report Claims Some Russian oil companies use Bitcoin (BTC), ETHEREUM (ETH) and USDT to reduce the conversion of Indian rupee and Chinese yuan into Russian rubles.
The sources, who refused to identify, claim that the practice is a “small but increasing” part of the oil trade in Russia.
The European Union (EU) imposed Russia last month, partly due to the previous harmony of the punishment.
Last week, GARANTEX was forced to exchange Russian encryption to suspend operations due to the severity of the sanctions.
“Dear users! We have bad news. Tether entered the war against the Russian encryption market and banned our governor of more than 2.5 billion rubles.
We temporarily suspend all services, including withdrawals from the cryptocurrency, while our entire team solves this problem.
We are fighting and will not surrender! Please note that all USDT in Russian portfolios are currently threatened. As always, we are the first but not the last. GARANTEX team. “
According to a Reuters sources, even if the sanctions were lifted and the US dollar is available to Russia to trade again, many people will continue to use encryption due to technology comfort and speed of treatment.
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Disclosure: The views expressed in Daily Hodl are not an investment advice. Investors must do due care before making any high -risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trading on your own responsibility, and any losses you may bear are your responsibility. Daily Hodl does not recommend buying or selling any encrypted currencies or digital assets, and Hodl Daily Andersor is an investment. Please note that the daily Hodl participates in dependent marketing.
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