BRICS: Russia Actively Using Cryptocurrencies To Bypass U.S. Sanctions
The U.S. pressed sanctions against Russia for its role in invading and waging war against its neighboring country Ukraine. The sanctions made it harder for the nation to do business with foreign powers. However, Russia n President Vladimir Putin countered the sanctions through BRICS , convincing other nations to ditch the U.S. dollar and promote native currencies . The power move made Russia n companies actively use crypto currencies to settle cross-border transactions without any use of fiat currency. Therefore, the U.S. sanctions remained counterproductive as nations are looking to end reliance on the dollar. Despite being in the driver’s seat, the USD could soon take the back seat when BRICS launch a new currency. The next BRICS summit will be held in South Africa and Russia, along with four other nations will combinedly decide on a new tender for international trade. Also Read: 30 Countries Now Ready To Accept BRICS Currency BRICS: Legislatures in Russia to Vote on Form...