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    Home»Blockchain»Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment
    Blockchain

    Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

    January 14, 2019Updated:January 23, 2019No Comments2 Mins Read
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    According to a Russian economist with ties to the Kremlin, the superpower is preparing a massive $10 billion USD investment in Bitcoin to replace its US dollar reserves. Russia’s Bitcoin investment is a step to minimize US sanctions on the country.

    Russia’s Bitcoin Investment

    Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, said the Bitcoin investment was a step taken to avoid US sanctions on Russia.

    Ginko believes that Russia’s decision to hold Bitcoin as a reserve currency instead of the US dollar is a move being made to “protect [Russia’s] national interests” in light of a possible interruption of “US nominated payments flows for Russian oil and gas.”

    Russia’s Bitcoin investment is expected to begin in February. Mr. Ginko furthered:

    “[The] Russian government is about to make a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and [take] back US dollars […]These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”

    US Sanctions Behind the Bitcoin Investment?

    US sanctions have hit the Russian rouble hard. Now the superpower wants to replace some of its US dollar reserves with the world’s largest cryptocurrency by market cap.

    >> Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

    Recent US sanctions on Russia came after the poisoning of former Russian military officer Sergei Skripal in London. The former Russian military officer was a double agent for the UK’s Intelligent Services. Two active Russian military intelligent officers attacked Sergei and his daughter Yulia, with a nerve agent.

    Russia and Crypto

    Cryptocurrencies are very popular in Russia and even receive approval by the country’s President Vladimir Putin. According to Ginko, the cryptocurrency industry accounts for 8% of Russia’s GDP.

    The Bitcoin investment is not the only sign of ‘de-dollarisation’ by the country. It has recently bolstered its supply of the euro, Chinese renminbi, and Japanese yen.

    Featured Image: Depositphotos © KostyaKlimenko


    Bitwise ETFPrevious

    Bitwise Files Bitcoin ETF With SEC: Another ETF Hopeful

    financial investing, types of financial investment, types of business investments, investments for beginners, financial investments, stock investing 101, investing 101, real estate investing 101, personal finance investing, investing, investments, financial advisor online, financial investment, type of investments, types of investments, all types of investments, types of investing, types of investments, finance investing, forms of investment, Crypto CurrencyNext

    A Potential Reason Behind Bitcoin’s Surge

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