Home / Crypto News / Bitcoin heading for new heights? Russia will buy $ 10 billion in Bitcoin and sell US dollars, according to Russian economist

Bitcoin heading for new heights? Russia will buy $ 10 billion in Bitcoin and sell US dollars, according to Russian economist

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According to a Russian economist, the world's 12th largest economy is investing $ 10 billion in Bitcoin.

Vladislav Ginko is a lecturer at the Russian Presidential Academy of Economics and Public Administration in Moscow. He says US sanctions are forcing Russia to diversify.

# Russia's Plans to Ditch #USA Dollar for #Bitcoin #btc, Says University Professor https://t.co/LP6mtYejHG

– Mr 🍾💯🥂 (@LinleyHermance) January 8, 2019

Ginko told Australian crypto site Micky that he currently believes that Russia has no choice.

“US sanctions can only be mitigated by using Bitcoin. Due to US sanctions, the Russian elites are forced to redeploy US assets and US dollars and invest heavily in Bitcoin. The Russian central bank has $ 466 billion in reserves and needs to diversify if opportunities are limited. “

US sanctions have a strong impact on Russia

A recent Forbes report shows the impact of US sanctions on Russia.

“Sanctions and isolation are affecting the Russian economy. Although Russia is not a major exporter to the US, canceled energy and defense contracts with Europe, along with funding bans from key Russian lenders, have weighed on the economy. What else can the weak growth of the country since 2014 still explain? Even the higher oil prices have had little effect on the Russian economy. “

In July, RT news agency said that President Vladimir Putin delivered a speech highlighting the need for alternative reserve currencies in world trade.

“With regard to our American partners imposing restrictions, including those on dollar transactions, I think a major strategic mistake is possible. This undermines confidence in the dollar as a reserve currency. “

At the time, Putin said Russia has no plans to stop using the US dollar unless it stops it.

In Venezuela, President Nicolas Maduro announced that the newly created digital asset of the country, the Petro, is an official government currency. Dar Petro is allegedly deposited by the oil reserves of the country. After its introduction, US President Donald Trump prohibited the Americans from investing in them. The US claimed that the Petro was being used to betray US sanctions.

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-kurs-vor-neuem-hoehenflug-russland-will-will-milliarden-in-bitcoin-buy-and-us-dollar-selling- loud-Russian-oekonom /

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