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China and Russia Use Bitcoin for Energy Trade Settlements
In a groundbreaking move, China and Russia have reportedly started using Bitcoin to settle their energy transactions, effectively bypassing the US dollar. This development marks a significant shift in global energy trade, as it highlights the growing popularity of decentralized digital assets in international commerce.
According to recent reports, both nations are now utilizing Bitcoin as a settlement method for their bilateral energy agreements. This bold move is seen by many analysts as a major step towards de-dollarization in international trade operations, further emphasizing the increasing role of digital currencies like Bitcoin in global financial transactions.
The VanEck report highlights the growing trend of Bitcoin usage in cross-border commerce, particularly in the energy market. The use of digital assets in this sector is not merely theoretical speculation anymore; it has now become a practical solution for international trade operations.
As stated by Matthew Sigel from investment firm VanEck, “Bitcoin’s decentralized nature attracts countries seeking financial independence because the US dollar suffers from declining value and increased scrutiny.”
China and Russia’s decision to use Bitcoin in their energy transactions is seen as a response to rising global economic tensions and changes in international decisions. This trend showcases the increasing demand for digital currencies like Bitcoin in global commerce, highlighting its potential as a secure financial asset.
The adoption of Bitcoin has become more practical, as it allows these countries to take control over their financial resources and bypass the US dollar-controlled financial system.
Source: https://cryptotale.org/china-and-russia-use-bitcoin-for-energy-trade-settlements/
