$120 Billion VanEck Confirms China and Russia Use Bitcoin for Energy Trades Amid Sanctions

VanEck, an asset management firm with $120 billion under management, has confirmed that China and Russia are now settling energy trades using Bitcoin. This development is part of a broader move towards a parallel system, bypassing traditional financial systems like SWIFT and moving beyond the dollar.

Russia's central bank governor, Elvira Nabiullina, has acknowledged that businesses within the country are testing the use of digital assets, including Bitcoin, for transactions. This is seen as a strategy to use cryptocurrency as a shield against US sanctions.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.