“These sanctions and the will to adopt #modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”
Bitcoin, which was first released as open-sourced #software in January 2009, is considered the first decentralised #cryptocurrency. Since then, over 4,000 alternative coin variants of Bitcoin have been created.
Russia news: Russia is reportedly set to invest in# bitcoin
The Russian #government is about to make a step to start diversifying financial reserves into Bitcoin
The Daily Telegraph quote The Central Bank of #Russia as saying in a statement that it “publishes information on the foreign #assets management with a six-month lag”.
The bank is yet to publish any official #plans.
Mati Greenspan, senior market #analyst at trading platform eToro, claimed there is “definitely an interest from the [Russian] #government to do this”.
A report by The Central #Bank of Russia published this month revealed how $101billion in US holdings had been dumped from its reserves as it moves away from the #currency in the wake of the latest sanctions.
In its place, Russia is shifting into being euros and the #Chinese #yuan, with $44billion being moved into each currency, according to Bloomberg.
Another $21 billion was invested in the #Japanese #yen.
Bitcoin was first released as open-sourced #software in January 2009
Benn Steil, director of international economics at the #Council on Foreign Relations in New York, said: “Russia is making a strategic shift in its reserves #towards holding fewer dollars and more assets in other currencies.”
Russian President Vladimir Putin took an angry #stance at the dollar last November, claiming: “We aren’t ditching the dollar, the dollar is #ditching us.”
He continued: “The instability of dollar #payments is creating a desire for many global economies to find alternative reserve currencies and create #settlement systems independent of the dollar.
“We’re not the only ones doing it, believe me.”