Leak Reveals Earthquake in Russia Suddenly Heading for Bitcoin and Cryptocurrencies Amid Price Fluctuations

Bitcoin and other cryptocurrencies have been on a strong rise this year, and this week is expected to be a pivotal time for Bitcoin.

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Bitcoin prices have been surging over the past week as Federal Reserve Chairman Jerome Powell sets the market up for a September bombshell (though China may outdo the Fed).

Now, after the price of the Telegram-linked Bitcoin competitor, Toncoin, suddenly collapsed, it has been revealed that Russia is preparing to start testing Bitcoin and cryptocurrency exchanges to help facilitate the flow of cross-border transactions crippled by US-led international sanctions.

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“Institutions Are Coming” From Forbes – $35 Trillion Collapse Expected to Send Bitcoin Price Rising to Rival Gold By Billy Bambrough

Russian President Vladimir Putin has shown interest in Bitcoin and cryptocurrencies this year as the price of Bitcoin has soared. [+] And it has flourished.

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Bloomberg News Agency reported, citing two anonymous sources in an unnamed article, that the bitcoin and cryptocurrency trials will begin on September 1. The sources said that the country’s national payment card system will be used to exchange rubles and cryptocurrencies when payments are tested on the exchange platform.

The trial comes as Russian companies struggle to pay suppliers abroad and get paid for exported goods after the United States in June cracked down on foreign banks doing business with Russia, with several Chinese banks since then halting payments in yuan.

Russia has already been cut off from the US dollar-based Western financial system after losing access to the SWIFT international banking system in 2022.

Russia may give the green light to the Moscow Stock Exchange and the St. Petersburg Stock Exchange to create their own crypto platforms next year, the anonymous sources said.

Russia's growing support for Bitcoin and cryptocurrencies comes as former US President and 2024 White House candidate Donald Trump has embraced the technology, promising to create a strategic reserve of Bitcoin if he is re-elected in November.

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Forbes: Bitcoin and Cryptocurrencies Are Suddenly Set for a Major Update to Apple’s iPhone Wallet After Price Volatility By Billy Bambrough

Bitcoin's price has soared this year, rising as Wall Street buys bitcoin and cryptocurrencies.

Forbes Digital Assets

Earlier this month, Russian Finance Minister Anton Siluanov said Russia was trying to find a way to allow international cryptocurrency exchanges to operate in the country but had not “come up with a solution yet on how to do this,” according to the state-run TASS news agency.

The Russian parliament passed bills legalizing cryptocurrency mining and a framework allowing testing of digital tokens for cross-border payments under the supervision of the central bank in July, with President Vladimir Putin signing the bills into law on August 8.

Russia's adoption of cryptocurrencies for practical purposes comes after the Kremlin proposed a blanket ban on cryptocurrencies in 2022.

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