Samofalova believes that the Russian CBDC would not be useful for international payments.
He also highlighted the security of BTC, noting that its architecture is almost impenetrable.
In an opinion article published in RIA Novosti, Olga Samofalova stated that Bitcoin could become a strategic ally for Moscow in 2025. According to the journalist, Russia needs a currency for cross-border payments that no one can prohibit, in order to circumvent the imposed sanctions. by the United States.
Samofalova points out that, in 2024, the West toughened its economic sanctions, affecting not only goods and companies in its country, but also foreign banks that process transactions linked to Russian entities subject to restrictions.
These economic challenges coincide with efforts discussed at the recent BRICS summit in Kazan, where the bloc’s leaders agreed to create the BRICS Bridge: a cross-border payments system designed to streamline international transactions between member countries.
In fact, Olga mentions the recent movements of BRICS, highlighting that Washington seems concerned. According to the columnist, the fact that Donald Trump threatens to impose 100% tariffs on the countries of the bloc shows that important negotiations are taking place behind the scenes. However, the article highlights that, although the development of a unified payment system among the BRICS countries was already a complex process, tensions with the United States may lead to a stagnation of the proposal.
All these difficulties have led Moscow to take the lead in the adoption, implementation and development of new payment systems through Bitcoin and other cryptocurrencies. Russia has established a specific legal basis that allows mining, cryptocurrency trading, investments and taxation in this sector to be regularized.
Olga Samofalova.
The writing highlights the need for Russia to accelerate its trade with allied countriesstressing that “Bitcoin and other electronic means of payment cannot be banned, not even by the United States.” These statements coincide with Vladimir Putin’s statements in early December, when, during a panel, he stated that new technologies will continue to develop regardless of what happens to the US dollar.
Samofalova also referred to the digital ruble that has caused so much stir in some sectors of the Eurasian country. He recognized that, although it is a modern and more secure format than paper money, its benefits are mainly limited to the national level and not to cross-border payments. The reporter emphasized that, in the future, “It will be impossible to commit financial fraud using digital rubles,” due to the higher level of state control compared to traditional payments. However, internationally, its advantages will be limited, since “The digital ruble would be tracked in the same way as the common ruble.”
This is where, according to Olga, Bitcoin becomes even more relevant:
In this sense, bitcoin is a super currency, since it does not depend on the Russian Central Bank or the policies of the US Federal Reserve or the White House; That is, it is created by mining according to a pre-established algorithm and without the intervention of any entity, but the important thing is that BTC transfers are completely anonymous. How to introduce sanctions here? There is no way.
Olga Samofalova.
In addition, The journalist highlighted the decentralization and security of Bitcoinunderlining that, for a hacker, dismantling the architecture of this payment system is almost impossible, unlike the infrastructure of a Central Bank, which can be vulnerable.
The article ends with the following excerpt:
For sanctions evasion, Bitcoin has no comparison. However, this currency is also complex and must be handled carefully, especially when a country wishes to operate within the legal framework. Due to their anonymity, bitcoins can be used in illegal activities, such as drug trafficking, weapons, fraud, among others. Furthermore, controlling export and import operations with BTC is complicated for the government. However, difficult times in the global economy require unconventional and risky measures. An example of this is the export of Russian oil, which remains possible because tankers can move invisibly. Bitcoin offers something similar: it makes the financial transactions of Russian importers and exporters with their partners invisible, making them inaccessible to adversaries.
Olga Samofalova.
Although Bitcoin can be used in illicit activities, it is important to note that the number of cases is not exactly high.. According to the report From Chainalysis published in January 2024, criminal transactions with BTC and other crypto assets decreased by 38% in 2023 compared to the previous year. In 2022, cryptocurrency-related crimes were valued at $39 billion, but in 2023 they represented only 0.34% of the total transaction volume, indicating a notable reduction in criminal activity. Additionally, a 2023 US Treasury Department paper noted that criminals prefer fiat money over Bitcoin and other cryptocurrencies.
On the other hand, it must be clarified that Bitcoin is not completely anonymous. While transactions are recorded on a public blockchain, they do not require users to provide personally identifiable information. However, this anonymity is limited. As BTC transactions are transparent, it is possible to use techniques to track patterns and associate them with a specific person or entity, especially if the movements were made through exchange platforms that require identity verification processes (KYC).
This analysis of Russia’s adoption of Bitcoin resonates with recent statements by Max Keiser, who also highlights the central role of the leading cryptocurrency in the global economic future. According to Keizer, BTC not only represents “perfect money,” but is beginning to displace other forms of value, such as fiat money and traditional assets.
Bitcoin delivers on the promise humanity has been searching for since the beginning of time: perfect money. And perfect money allows human beings to reach their full potential… We are now seeing that Bitcoin is superior to other stores of value, such as fiat money, property, art or even the stock market. We are witnessing trillions of dollars leaving those other stores of value and finding their way into Bitcoin.
We are facing what could be considered a ‘new Sputnik moment’; that is, a historical milestone in which several nations are launching with unprecedented urgency to accumulate as much Bitcoin as possible. It is a decisive moment, comparable to the space race of the 60s… It seems that Russia is ready to enter this space race, or the global race for Bitcoin.
Max Keiser, financial commentator, television host and Bitcoin advocate.
