Russia is reportedly planning to replace the U.S. dollar with Bitcoin as its reserve currency in a bid to limit the impact of US sanctions imposed on the country.
Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a state-funded institution, said the transition from dollars to Bitcoin could begin in February. “I believe that [the time] is coming when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin,” Ginko said.
A large and unusual increase” in the volume of OTC Bitcoin purchases placed by Russian nationals, indicating further interest in Bitcoin inside Russia
“These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”
The Central Bank of Russia is yet to publish official plans, but said in a statement to The Daily Telegraph that it “publishes information on the foreign assets management with a six-month lag”. The country has shown signs of de-dollarisation by boosting its holdings of the euro, Chinese renminbi and Japanese yen.