Russian companies have started using Bitcoin and other digital currencies for international transactions following legislative changes aimed at circumventing sanctions, reports Reuters. Sanctions have made trading with allies like China and Turkey more complicated, as local banks are wary of working with Russian counterparts due to the risk of attracting attention from Western regulators.
But after the Russian government officially allowed the use of cryptocurrencies in foreign trade and legalized their mining, including Bitcoin, digital assets have become a tool to sidestep sanctions.
Meanwhile, 2024 has seen record levels of cryptocurrency theft. According to a study by Chainalysis, the amount of stolen crypto assets reached $2.2 billion, with $1.3 billion stolen by hackers linked to North Korea.