Major financial exchanges are set to launch bitcoin futures trading in mid-December, in a sign of the cryptocurrency’s shift to the mainstream.
The move could prompt Russia to stop using the US dollar to trade crude oil, using cryptocurrency instead.
US sanctions have hit Russia’s oil trade particularly hard, as oil is typically traded in dollars.
However using decentralised cryptocurrencies such as bitcoin could decrease dependence on the dollar and allow countries such as Russia to prosper despite the sanctions.
Stephen Brennock, an oil analyst at city broker PVM Oil, said the rise of cryptocurrencies could help countries wanting to move away from the US currency.
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