Recently, Russia has been designated as a high-income country by the World Bank, sparking discussions about the role of Bitcoin (BTC) in this achievement.
Economy
Progress
Last year, the per capita gross domestic product (GDP) grew significantly by 11.2%, placing Russia in the category of upper middle-income countries.
This growth was attributed to significant increases in trade (+6.8%), the financial sector (+8.7%), and the construction industry (+6.6%). These factors led to a real GDP growth of 3.6% and a nominal GDP growth of 10.9%.
Despite facing strict Western sanctions, Russia has become the world’s fourth-largest economy in purchasing power parity, on par with major Western countries such as the United States and Western European countries that have imposed sanctions on it due to the conflict with Ukraine.
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At the same time, according to World Bank data, Ukraine has also experienced economic improvement, transitioning from a lower-middle-income country to an upper-middle-income country.
It is worth noting that against this backdrop of sanctions, Russia has shown an increasing interest in cryptocurrencies. Discussions among officials, including Minister of Industry and Trade Denis Manturov, indicate that cryptocurrencies for payment purposes are set to be legalized, with continued efforts to effectively regulate them.
Furthermore, Russia’s joining of the BRICS group highlights its pursuit of alternative international payment currencies, which may challenge the dominance of the US dollar.
Bitcoin
Is becoming a particularly interesting topic in discussions aimed at reducing reliance on traditional fiat currencies within the BRICS countries.
