Rus­sia looks to Bit­coin to soften US sanc­tions

The Southland Times - - World -

Rus­sia is pre­par­ing an in­vest­ment in Bit­coin to re­place the US dol­lar as a re­serve cur­rency in a bid to tackle US sanc­tions, ac­cord­ing to a Rus­sian economist with close ties to the Krem­lin. Vladislav Ginko, an economist at the Rus­sian Pres­i­den­tial Academy of Na­tional Econ­omy and Pub­lic Ad­min­is­tra­tion, a state­funded in­sti­tu­tion, said the gov­ern­ment is tak­ing steps to min­imise the im­pact of US sanc­tions that have hit the Rus­sian rou­ble by re­plac­ing some of its US dol­lar re­serves with the most pop­u­lar cryp­tocur­rency. US sanc­tions fol­low the poi­son­ing of for­mer Rus­sian mil­i­tary of­fi­cer Sergei Skri­pal. Mr Ginko be­lieves Rus­sia’s de­ci­sion is a move to ‘‘pro­tect its na­tional in­ter­ests’’. He claims in­vest­ment could be as much as US$10 bil­lion (NZ$14.6b).

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