Russia says it's using bitcoin to evade sanctions

Machine learning summary of original content via the Kagi Universal Summariser:

Russia is reportedly utilizing bitcoin to circumvent Western sanctions, as confirmed by Finance Minister Anton Siluanov. This move comes amid challenges for the Russian economy in conducting international payments, even with non-dollar reserve countries like China. Recently, the Kremlin established a legal framework for cryptocurrency miners, allowing approved entities to use crypto for international trade. This development could particularly benefit Russian energy companies, enabling them to sell to domestic bitcoin miners. However, acceptance of bitcoin for payments is not guaranteed globally, as other countries may have their own laws and face pressure from Western financial regulators. This situation poses a potential challenge for President-elect Donald Trump, who advocates for U.S. dollar dominance while also showing interest in cryptocurrency. The implications of this shift could affect international economic dynamics and the status of the dollar as the dominant global reserve currency.