Russian arms producer to use Bitcoin to bypass sanctions
|
- Cryptocurrencies are sought by Russian arms producer in order to not be crippled further by sanctions.
- Soyuzmash are said to have asked permission from the Central Bank of Russia.
The Russian arms producer, Soyuzmash, are seeking to bypass US sanctions via leveraging cryptocurrency. The Union of Machine Builders has reportedly made a request of permission from the Central Bank of Russia, to allow it in accepting payments in Bitcoin for all its activities related to weapons.
They believe this would enable them bypass the US and other existing international sanctions.
Soyuzmash is being supported by The State Duma Defense Commission, about its efforts and interests towards digital asset payments, claiming that the initiative will help relieve some of the major issues.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.