Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, stated in an interview with Micky outlet that Kremlin will soon start investing in bitcoins in order to circumvent new U.S. sanctions.
According to Grinko, new sanctions imposed by the U.S. push Russian elite to diversify its cash reserves by investing in BTC.
Having been closely cooperating with the Russian government for more than 20 years already, Grinko claims that massive investments in bitcoin are to start in a matter of weeks:
“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. Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it (in the future).”
He even opined that Russian billions may trigger the next bitcoin bull run. The economist expressed his conviction that already next month, the Russian government will turn to bitcoin in hopes of diversifying its cash reserves, in response to the new set of sanctions advocated by the U.S. Congress.
“Russia’s Government is not against cryptocurrencies, the Russian President put adoption of FinTech as a key factor for Russian economy’s survival,” – Grinko explained.
As reported in October 2018, Russian government had been preparing a draft law aimed at reducing the economic dependence on the U.S. currency. It should be noted, however, that Russian authorities are not going to give up dollar settlements, ban the circulation of the dollar or impose other restrictions.