China&Russia Settle Energy Trades in Bitcoin as U.S. Tariffs Reach 104% on China

[target]

Those are just from Russia and China exchange though.What about the other countries particularly Iran and Saudi that are heavily exporting gas and oil, they too should have been adopting BTC like accepting BTC with their international trades. But we haven't heard of them doing so.

IF US wants adoption to every corner, they should have sanction all the OPEC countries and encourage them to use BTC. 

Although it sounds like a joke, this is actually happening. Iran is secretly using Bitcoin to evade US sanctions, as I read in one report. But I haven't heard of Iran using Bitcoin to settle oil payments yet, but perhaps it will in the near future.

As for Saudi Arabia, its relationship with the United States is very good, and there are no international sanctions, so I don't think they are considering using Bitcoin at the moment.

I just searched it and one result was saying Iran was recognizing Bitcoin mining as legal industry which I guess there are businesses in the country that  are making Bitcoin. If this is legal, I assume there is market in Iran as well such as local crypto exchange?

Saudi Arabia is not so defying to US unlike Iran and others in those areas. But its known to have popular exchange in Saudi such as M2 exchange and binance is even operating in  Saudi. They are probably seeing Bitcoin as useful as well but keep it to themselves.

[Lucius]

Maybe I missed something, but this news seems to be based on speculation that something happened, although I don't see any concrete evidence that the two countries made any BTC transaction. This would actually make very little sense given that there are cryptocurrencies that have far better privacy than BTC and where transactions are not public, and therefore cannot be subject to any censorship or blacklisting of addresses.

In addition, why would two countries even choose a decentralized cryptocurrency when they can do so by paying in their national currencies, given that there are no Chinese sanctions against Russia and vice versa?

[yhiaali3]

In addition, why would two countries even choose a decentralized cryptocurrency when they can do so by paying in their national currencies, given that there are no Chinese sanctions against Russia and vice versa?

According to this website, transactions have already been conducted using Bitcoin and other digital assets to avoid the US dollar and Western financial systems.

A report from investment firm VanEck confirms that both countries have completed some energy trades using Bitcoin and other digital assets to avoid the U.S. dollar and Western financial systems.

Background on sanctions & trade
This trend follows earlier reporting that Russian oil firms have used digital currencies in deals with China and India as they work around sanctions imposed after the 2022 invasion of Ukraine.

https://bitbo.io/news/china-russia-bitcoin-energy-trade/

As for why the two countries do not use their national currencies, it is perhaps due to the sanctions imposed on Russia, where:

The turning point
Market analyst Jonathan Hammel noted that the turning point came in 2022 when the U.S. government froze Russian central bank assets and cut access to the dollar-clearing system.

[Stompix]

In addition, why would two countries even choose a decentralized cryptocurrency when they can do so by paying in their national currencies, given that there are no Chinese sanctions against Russia and vice versa?

According to this website, transactions have already been conducted using Bitcoin and other digital assets to avoid the US dollar and Western financial systems.

A report from investment firm VanEck confirms that both countries have completed some energy trades using Bitcoin and other digital assets to avoid the U.S. dollar and Western financial systems.

Confirms,not so much. Actual report:
https://www.vaneck.com/us/en/blogs/investment-outlook/our-portfolio-managers-weigh-impact-of-trumps-tariffs/#digital-assets-bitcoin

China and Russia have reportedly begun settling some energy transactions in Bitcoin and other digital assets. Bolivia has announced plans to import electricity using crypto. And French energy utility EDF is exploring whether it can mine Bitcoin with surplus electricity currently exported to Germany.

Huge difference between confirming and reportedly which means rumors.

In addition, why would two countries even choose a decentralized cryptocurrency when they can do so by paying in their national currencies, given that there are no Chinese sanctions against Russia and vice versa?

Don't you dare bring logic here, it's every crypto lover's wet dream to have China magically use Bitcoin for something something 

[TomPluz]

Who would have thought that the war on tariff can actually be expanding the horizon of Bitcoin and is now proven to be the best option in international trade not just because the cost of transferring money can be so cheap and safe but also because it can be a tool for freedom for nations to do business with each other, a way to evade sanctions. And it can be said that China and Russia are getting  benefited by Bitcoin...and I think that because of this China and Russia should think again if they can let Bitcoin be freely owned and traded by their people.

[target]

Who would have thought that the war on tariff can actually be expanding the horizon of Bitcoin and is now proven to be the best option in international trade not just because the cost of transferring money can be so cheap and safe but also because it can be a tool for freedom for nations to do business with each other, a way to evade sanctions. And it can be said that China and Russia are getting  benefited by Bitcoin...and I think that because of this China and Russia should think again if they can let Bitcoin be freely owned and traded by their people.

This is also what those Latin countries were thinking, because they are sanctioned. It becomes their means of payment also.

But this must be a Trump's plan because he is a Bitcoin President so he is making a way to make people and countries adopt Bitcoin which this China and US tariff war may continue to bloat. Its been in the news they are still adding sanctions to each other.

[Lucius]

~snip~

In addition, why would two countries even choose a decentralized cryptocurrency when they can do so by paying in their national currencies, given that there are no Chinese sanctions against Russia and vice versa?

Don't you dare bring logic here, it's every crypto lover's wet dream to have China magically use Bitcoin for something something 

If by any chance we were in Star Trek, there is no doubt that we would be Vulcans, because no matter how much someone tries to be illogical, we always try to explain things in a logical way

~snip~
As for why the two countries do not use their national currencies, it is perhaps due to the sanctions imposed on Russia...

I say again that sanctions do not affect trade between Russia and China, because these two countries do not have sanctions against each other. I'm not saying there's no truth in the fact that both countries (and many others) use cryptocurrencies, but if this has been happening for three years, someone somewhere would have probably already detected a transaction (if it was BTC) and connected it to both countries.

[yhiaali3]

Confirms,not so much. Actual report:
https://www.vaneck.com/us/en/blogs/investment-outlook/our-portfolio-managers-weigh-impact-of-trumps-tariffs/#digital-assets-bitcoin

I say again that sanctions do not affect trade between Russia and China, because these two countries do not have sanctions against each other. I'm not saying there's no truth in the fact that both countries (and many others) use cryptocurrencies, but if this has been happening for three years, someone somewhere would have probably already detected a transaction (if it was BTC) and connected it to both countries.

Yes, herein lies the problem. There are reports, and no one can confirm or deny them unless an official statement is issued by one of the two countries, or a Bitcoin transaction is documented in one of the two countries. This is difficult, as neither country officially adopts Bitcoin. Therefore, such an announcement could constitute a scandal, especially for China, which prohibits Bitcoin for its citizens.

The bottom line is that nothing is certain, and the media cannot be trusted, as they typically exaggerate news to gain maximum traffic.

[Stompix]

This is also what those Latin countries were thinking, because they are sanctioned.

And here we go again, do you think sanctions would be avoided with Bitcoin?

Sanctions don't mean somebody stops bank transfers, sanctions mean the one dealing with a certain sanctioned individual or company can be prosecuted,  companies don't buy stuff or sell stuff to sanctioned countries not because they can't but because they don't want to.
And bitcoin or gold or cash, you can't make deals with somebody that doesn't want to deal with you.

[nowak_bosch]

This is also what those Latin countries were thinking, because they are sanctioned.

And here we go again, do you think sanctions would be avoided with Bitcoin?

Sanctions don't mean somebody stops bank transfers, sanctions mean the one dealing with a certain sanctioned individual or company can be prosecuted,  companies don't buy stuff or sell stuff to sanctioned countries not because they can't but because they don't want to.
And bitcoin or gold or cash, you can't make deals with somebody that doesn't want to deal with you.

It's about the punishment for it being worth than to make a deal in the first place - I agree with you there.

Nobody would want that..

[Bobcrypto]

Those are just from Russia and China exchange though.What about the other countries particularly Iran and Saudi that are heavily exporting gas and oil, they too should have been adopting BTC like accepting BTC with their international trades. But we haven't heard of them doing so.

IF US wants adoption to every corner, they should have sanction all the OPEC countries and encourage them to use BTC. 

Although it sounds like a joke, this is actually happening. Iran is secretly using Bitcoin to evade US sanctions, as I read in one report. But I haven't heard of Iran using Bitcoin to settle oil payments yet, but perhaps it will in the near future.

As for Saudi Arabia, its relationship with the United States is very good, and there are no international sanctions, so I don't think they are considering using Bitcoin at the moment.

It should be a gradual thing, and obviously, "Rome was not built in day", just like the saying goes. I think that in the future more countries who may have one issues or another may see the need to use Bitcoin as an international settlement currency.
Again, i think there could be some countries that might have been using Bitcoin secretly to settle international transactions, however in the future this information may not be hidden anymore. In as much as sanctions will always come up, some countries will definitely look for alternatives means to resolve the lingering international settlements issues among themselves.

[joshua graham]

It should be a gradual thing, and obviously, "Rome was not built in day", just like the saying goes. I think that in the future more countries who may have one issues or another may see the need to use Bitcoin as an international settlement currency.
Again, i think there could be some countries that might have been using Bitcoin secretly to settle international transactions, however in the future this information may not be hidden anymore. In as much as sanctions will always come up, some countries will definitely look for alternatives means to resolve the lingering international settlements issues among themselves.

Bitcoin used as an alternative to system that doesn't suit somebody due to the reasons that cannot be avoided - what else may be asked by us? - And sure thing, in the future, countries won't just try to hide that fact, but to be more open about it..

[yhiaali3]

It should be a gradual thing, and obviously, "Rome was not built in day", just like the saying goes. I think that in the future more countries who may have one issues or another may see the need to use Bitcoin as an international settlement currency.
Again, i think there could be some countries that might have been using Bitcoin secretly to settle international transactions, however in the future this information may not be hidden anymore. In as much as sanctions will always come up, some countries will definitely look for alternatives means to resolve the lingering international settlements issues among themselves.

Yes, this is certain. More countries will resort to this option to settle international transactions, even if in secret.
As far as I know, there are (almost certainly) reports that Iran and Venezuela are using Bitcoin to evade sanctions imposed on them by the United States.
I don't rule out the possibility that Russia is also using Bitcoin secretly, and perhaps North Korea.

[ZAINmalik75]

It's good to see that the tariff war between the US and China has shifted in Bitcoin's favor.
Now, with Bitcoin firmly established as a secure asset and used by governments to settle cross-border international payments, I believe we're witnessing a new shift in the Bitcoin era. What do you think?

The tariff war is not just between US and China because US has increased tariffs for every country except few. BTC was already established as a secure asset only this time the adoption will be higher this will attract billions of money into BTC.

We should also keep in mind that it is not the first time countries have suggested to use BTC and cryptocurrencies for imports and exports but most of the time they don't. This news still can pump the market and maybe it is the main reason why market is still testing $85k resistance.