TechFlow news — On July 31, according to Bitcoin.com News, Alexander Ilyukhin, First Secretary of the Russian Embassy in Nicaragua, stated that El Salvador has proposed using cryptocurrencies for trade settlements with Russia, aiming to overcome traditional financial challenges caused by its dollarized economy.
Ilyukhin explained that since the U.S. dollar is El Salvador's official currency, the country has suggested using cryptocurrencies as an alternative for trade transactions. While using the national currencies of both countries could be considered, it might expose traders to the risk of Western sanctions. Additionally, El Salvador plans to formally apply to join BRICS within the next one to two years, seeking to attract investment and strengthen economic independence.
