Russia is ready to invest billions of dollars in Bitcoin

The Russian authorities intend to reduce the impact of US sanctions, which caused damage to the Russian ruble by replacing its dollar reserves, said Vladislav Ginko, an economist at the Russian Academy of National Economy and Public Administration under the President of the Russian Federation.

 The expert is confident that the refusal of the dollar of the Russian Federation is the protection of national security and it will be effective in case of interruption of payments for oil and gas supplies. He said that the amount of investment can correspond to 10 billion US dollars.

The economist noted that cryptocurrency now accounts for about 8% of the country's GDP, and a program to invest in Bitcoin can be launched as early as February.

"Russia intends to invest in Bitcoin, as the country is forced, due to sanctions restrictions, to throw off American money bonds and take away dollars. Bypassing sanctions and the desire to develop blockchain – technology push the government to invest reserves in digital assets."

So far, no official statement has been received from the Central Bank, but it is known that the state is gradually investing reserves in yuan and yen.

It is assumed that the transfer of funds to Bitcoin will enable the Russian Federation to become the owner of 1/6 of the asset in the world. The truth is that the Etoro platform expert Mati Greenspan does not agree with this, who claims that buying a coin in such quantity will increase its value and thereby reduce the share of the Russian Federation.

Russia will not be able to open a depository on a crypto-exchange for the acquisition of an asset, therefore, an intermediate cryptocurrency will be created, which will later be exchanged for Bitcoin.

Sberbank will act as a broker of the intermediate currency and it will offer it as a service token.

In December, it was reported that the Eurasian Economic Union (EAEU) intends to consider the possibility of issuing its cryptoactive asset in three years.