PANews reported on October 23 that according to Bloomberg Terminal information, as the BRICS summit kicked off in Kazan, Russia, cryptocurrency became one of the topics. Russian lawmakers are promoting the idea that Russian miners can sell their tokens to international buyers, who can then use Bitcoin and other cryptocurrencies to pay for imports, effectively circumventing Western sanctions. Sanctions have hit Russia hard, but cryptocurrencies offer an alternative to the traditional financial system that relies on the dollar and banks.
Richard Wolf, an American economist and professor emeritus at the University of Massachusetts Amherst, commented on the situation, saying that the BRICS alliance is surpassing the United States, which has reached its peak; the United States is on a downward slope and trying to maintain its international dominance; and the BRICS countries are also gaining an economic advantage over the United States.
