Deep Dive
[1]News out of Russia indicates the country is open to accepting Bitcoin and other hard assets in exchange for oil and other commodity exports.
News out of Russia indicates the country is open to accepting Bitcoin and other hard assets in exchange for oil and other commodity exports.
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In previous Daily Dives, we’ve discussed the continued bitcoin game theory playing out on the national stage. Today, it was taken another step further with this news:
“Russia is open to accepting bitcoin for its natural resources exports[3], the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday.”
This comes at a time when Russia looks to demand that “unfriendly” countries pay for natural resources in hard currencies such as gold or in rubles. They are willing to accept bitcoin from “friendly” countries if countries choose this option.
The fact that bitcoin is even mentioned as an option at this scale is a testament to the power of its decentralized, permissionless monetary network properties and asset maturation on the international stage.
That said, if Russia were to use bitcoin the asset or Bitcoin the network to work around Western economic sanctions and traditional financial rails, one would expect a scenario in which Western opposition and regulation sentiment against Bitcoin would rise with its usage. That scenario playing out would force the next evolution of the United State’s policy stance on Bitcoin.
The U.S. has been relatively open to BItcoin’s innovation as it is now home
