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8 May 2021
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Is it Feasible for Russia to Use Bitcoin to Avoid Sanctions from the United States?


In a world in which news spread at all times almost immediately, it is necessary to be prepared to listen to fake news. Readers usually find events and information that seem to be very attractive but in the end, they were fake news.

This time, the news regarding Russia buying Bitcoin to avoid US sanctions are considered fake news, and there are reasons to think in this way.

A few days ago, the Russian economist Vladislav Ginko said that Russia was going to invest $10 billion in Bitcoin. The economist is tied to the Kremlin and said that the country could move some of its USD reserves into Bitcoin (BTC), something that could start as soon as February 2019.

The information has also been released by The Telegraph on January 14 in which they confirm this theory that Russia could purchase Bitcoin to replace the US dollar as a reserve currency. According to Ginko, crypto-related activities in the country currently reach 8 percent of the country’s GDP. Additionally, there is also a possibility for the country to create a ‘Bitruble’ which will be traded against Bitcoin.

Mati Greenspan, a Senior Market Analyst at eToro, commented about this:

“We know that Vladimir Putin is a big advocate of blockchain technology. Obviously, he doesn’t like the sanctions that have been placed on him, and he’s already said that these types of sanctions are going to lead to de-dollarization. This is more or less the direction the Russian government is going.”

In a recent Tweet, Vladislav Ginko commented that the real factor of Bitcoin adoption will be when the Russian government will start investing in Bitcoin.

He went on saying that he expects that it will be $10 billion during the first quarter and $460 billion more in the future.

La entrada Is it Feasible for Russia to Use Bitcoin to Avoid Sanctions from the United States? se publicó primero en ELEVENEWS.

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