Russia, Türkiye may overcome US sanctions with cryptocurrency, expert suggests
Russia and Türkiye could potentially bypass US sanctions by utilizing cryptocurrency for trade, according to Turkish political scientist Engin Özer.
Özer highlighted the challenges in the development of trade relations, particularly the reluctance of Turkish banks to accept Russian money transfers due to the risk of international sanctions, Caliber.Az reports via Russian media.
One of the key issues hindering trade relations is that Turkish banks do not accept Russian money transfers due to the threat of international sanctions, Özer stated. He went on to emphasize that the Russian State Duma recently approved a bill that would allow cryptocurrency transactions in trade between the two countries.
"Cryptocurrency transfers happen faster, exchange rate differences are smaller, and transaction fees are significantly lower compared to using the traditional SWIFT system," he added. According to Özer, using a single cryptocurrency for trade between the two nations would streamline control mechanisms.
The political scientist concluded that the use of cryptocurrency would likely boost Russian-Turkish trade. The growing popularity of cryptocurrency is evident, with Bitcoin hitting a new historical high of $108,000 on December 17.
Analysts note that the value of Bitcoin has continued to rise since Republican Donald Trump won the presidential election, signaling broader interest in decentralized digital currencies as an alternative to traditional financial systems.
By Vugar Khalilov