Russia to attempt to lose the US dollar in favor of Bitcoin

A new round of sanctions is forcing the Russian government to seek economic alternatives

As with most countries around the world, Russia’s economy has strong ties to the U.S. dollar. This may change, however, and the change might come sooner, rather than later. According to an individual with close ties to the Kremlin, Russia is expected to dump its ties to the U.S. dollar in favor of Bitcoin (BTC).

Vladislav Ginko has, for more than 20 years, worked closely with Russia’s government. He is a member of the Russian Presidential Academy of National Economy and Public Administration and recently revealed to the Australian news outlet Micky that Russia is looking to move away from its reliance on the dollar in the wake of extended sanctions introduced late last year.

In speaking to Micky, Ginko stated, “US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future).”

President Putin is convinced that the country can no longer remain connected to the dollar. After the new sanctions were introduced, he said, “We have no goal of moving away from the Dollar. It’s the dollar that’s moving away from us. Those making such decisions are not shooting themselves in the foot, but somewhere more delicate, further up the body.”

Beginning next month, according to Ginko, the Kremlin will begin exploring ways to diversify its reserves. He adds that the country is prepared to invest heavily in BTC in an effort to make that happen. Along those same lines, Russia is currently involved in talks with China in order to strengthen the two countries’ economic ties in an effort to form a new payment system that would be completely independent of the U.S. dollar.

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