$ 29,399.00 2.68%
$ 1,987.53 2.20%
$ 50.04 3.86%
$ 0.084364 2.54%
$ 7.74 2.54%
$ 1.41 0.57%
$ 0.000169 12.71%

Arms dealer in Russia wants to use Bitcoin to avoid US sanctions

Russian arms dealer bitcoin payments

An arms producer in the Russian Federation, named Soyuzmash (meaning Union Machine) has requested the central bank to allow the company to process Bitcoin payments from both abroad and local customers to bypass imposed sanctions by the United States.

There are other international restrictions on Russian companies to deal in such industries, but Bitcoin would be an optimal solution as it’s not recognized as “money” in any of the sanction-imposing countries including the United States.

Considering the fact that Soyuzmash has the backing of the Russian State Duma, which takes on any opportunity to defy the sanctions, it’s clear that the Central bank will provide the “license” to accept and make Bitcoin payments.

The usage of cryptocurrencies by US-sanctioned countries has been becoming a trend now, both Cuba and Venezuela have tried their luck with it but to no avail, as the US doubled down.

It’s quite possible to have US authorities challenge this initiative from Russia but be criticized by the crypto community for recognizing cryptos as money only when it suits them.

This could be an ideal opportunity for Russia to take a jab at the United State’s political power, by cornering it in a situation which has no positive outcome for the land of the free.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Michael Saylor says market crash will benefit Bitcoin
Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Terra admits to facing technical issues in resuming LUNA and UST transfer 
RoboApe could be valued over Dogecoin and other crypto-memes.
Crypto exchanges are relisting LUNA after the crash

Follow Us

Industry News

eBay jumps into declining NFT business with Wayne Gretzky's help
Crypto crowd’s shocking prominence in Davos
Balenciaga U.S. stores to accept BTC and ETH starting June 2022
BTC Pizza Day is celebrated amid crypto crash
CV VC launches Africa-focused blockchain fund