Economist: Russia to 'Dump U.S. Dollars and Invest Hugely In Bitcoin'
A Russian economist with ties to the Russian Government says that that the Kremlin will “dump U.S. assets and U.S. dollars and invest hugely” in Bitcoin.
Vladislav Ginko, an economist at the state-funded Russian Presidential Academy of National Economy and Public Administration, told Micky.com that Russia's move into Bitcoin may be the only way to steer clear of Washington's sanctions.
“US sanctions may be mitigated only through Bitcoin use,” Ginko reportedly told Micky from Moscow. “Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins."
“Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it (in the future)," he added.
(Vladislav Ginko)
(Ginko) has appeared recently on Russian state television and radio, providing economic commentary and says much of his recent work has been in persuading Russian officials that Bitcoin is the best way to allay the impacts of tough US sanctions against the Kremlin.
“Russia’s Government is not against cryptocurrencies, the Russian President put adoption of FinTech as a key factor for Russian economy’s survival.
“I as an expert economist at Russian Presidential Academy of National Economic and Public Administration put my public media figure’s weight behind the work to persuade various stakeholders of Russian society in the need for investing central bank’s reserves into Bitcoin.
“I believe that there is coming (in the future) when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin.” - Micky.com
So, while Ginko dishes out his best persuasions to push Moscow into hodling Bitcoin a report published by the Bank of Russia on Wednesday revealed that the country has dumped $101 billion in U.S. holdings from its reserves, shifting into euros and yuan last spring amid a new round of US sanctions.
The Dollar dump is just the latest move by Russia to ditch U.S. assets in its years-long effort to move away from assets that can be affected by Washington's Sanctions.
.jpg)
I've heard this is "fake new" although I would love it to be true. Have you looked into this?
Congratulations @aferrell! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!