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Russia Planning to Fight US Sanctions with Bitcoin

Russia Planning to Fight US Sanctions with Bitcoin

According to a Russian Economist with close ties to the Kremlin, Russia is preparing to replace the US Dollar as the reserve currency with Bitcoin.

Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, stated that the government is taking steps to minimise the impact of US sanctions that have hit the Russian rouble by replacing some of its US dollar reserves with the world’s most popular cryptocurrency, Bitcoin.

It is suggested that investment into Bitcoin by Russia could begin as early as February of this year.

“[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,”

Vladislav Ginko, Russian Presidential Academy of National Economy

So far the Kremlin have not commented on these statements from Ginko however the reports at this stage seem sound and regardless this could be the fuel Bitcoin needs to end the current bear market that it’s found itself in since January 2018 after Bitcoin reached $20,000.

If indeed the news is accurate and Russia does intend to start diversifying it’s reserve currencies into Bitcoin we can expect some huge buying volume over the coming months as other Countries also jump on board to avoid being left out.

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