News

Russia Named “High Income Country” By World Bank, Did Bitcoin Play a Role?

The World Bank has upgraded Russia as a high income country despite Ukraine-linked sanctions, underscoring the influence of Bitcoin
Published by
Russia Named “High Income Country” By World Bank, Did Bitcoin Play a Role?

Highlights

  • Russia is now a high income country according to the World Bank
  • This upgrade comes despite the heavy sanctions from the West over Ukraine War
  • Bitcoin might have played a role in this mega ranking

The World Bank has ranked Russia as one of the “high-income countries,” sparking speculations that Bitcoin (BTC) may have played a part in this new ranking.

Advertisement

Russia’s Economic Metrics Sees Massive Improvement 

Russia’s rapid economic growth was cited as a basis for its newly acquired ranking. Before now, it was on the category of the “upper middle income” country.

After its Gross National Income (GNI) per capita increased by 11.2% in the last year, the World Bank decided it was time to push the nation to the top tier. Reports show that Russia’s economic rise was influenced by a large increase in military-related activity in 2023. Its growth was also attributed to a rebound in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). Altogether, these factors led to increases in both real (3.6%) and nominal (10.9%) GDP.

In the past two years, the country has faced intense Western sanctions including that from the United States Treasury department. However, Russia pushed beyond these obstacles to become the fourth largest economy in the world based on purchasing power parity.

With the latest upgrade, Russia now ranks alongside nations like the United States and western Europe. These are the two countries pioneering Russia’s punishment and sanctions for invading Ukraine.

On the flip side, Ukraine also received an upgrade from the World Bank. It went from being a lower middle income country to  the upper middle income nations category.

Advertisement

Russia’s Pivot to Bitcoin Amidst Sanctions 

Amidst these Western ban, it is worth noting that Russia became more interested in cryptocurrencies. In one of its meetings with El Salvador and delegates from other countries, Russia made its Bitcoin stance known.

“Russia will sooner or later legalise cryptocurrencies as a means of payment. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it,” said Russia’s Industry and Trade Minister Denis Manturov.

Moreso, Russia’s affection for BTC grew more as the BRICS Group sought an alternative currency for cross-border settlements other than the United States Dollar. Russia, Brazil, India, China and South Africa are all core members of the bloc in addition to those that joined recently.

Per growing speculation, the BRICS group is likely to consider Bitcoin in the push to stem the dollar’s hegemony.

Read More: Trapped in Market Correction? 3 Altcoins to Restore Your Portfolio Value

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025
  • News

Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash

Peter Brandt has drawn a comparison between Bitcoin’s current price pattern and the 1977 soybean…

October 22, 2025
  • News

BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows

The latest market data suggests that the BSC Meme Season may be coming to an…

October 22, 2025
  • News

ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana

Asset manager ProShares is seeking to establish a new crypto ETF tracking the CoinDesk 20…

October 22, 2025
  • News

Trump Says Meeting with China May Not Happen, Bitcoin Drops

U.S. President Donald Trump has cast doubts over his meeting with China's President Xi Jinping.…

October 21, 2025