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The Russian economist Vladislav Ginko said he expects the Russian government to invest at least $ 10 billion from its national reserves in Bitcoin in the first quarter of 2019. The investment, he believes, will help alleviate some of the damage caused from US sanctions.
Chris, I think he's sitting here in Moscow, Russia, that the real factor in the bitcoin apathy will be when the Russian government I'm working for will start investing almost $ 470 billion in Bitcoin reserves. I expect there will be at least $ 10 billion in the first quarter of this year.
– Vladislav Ginko (@martik) 6 January 2019
Ginko spoke with the Australian publication micky about the possibility, saying,
US sanctions can only be mitigated through the use of Bitcoin. Because of US sanctions, the Russian elite is forced to unload US assets and US dollars and invest heavily in Bitcoin. The Russian Central Bank has $ 466 billion of reserves and must diversify if there are limited opportunities to do so.
The decision is a direct consequence of the sanctions and Russia hopes that diversification into Bitcoin may be a valid emergency plan.
Russian President Vladimir Putin spoke earlier about the relationship between the Russian economy and the US dollar,
We do not have the goal of moving away from the dollar. It is the dollar that is moving away from us. Those who make such decisions are not shot on the foot, but somewhere more delicate, higher on the body.
Ginko said the move could come in a few weeks. It will be interesting to note the effect that it could – or not – have on the market.
Russia still gains a little bit in Cripto
Like other big nations like the United States and China, Russia has taken a somewhat cautious approach to cryptocurrency, imposing certain restrictions as it examines its potential. While Ginko has appeared in the news, he supports Bitcoin as an asset class, as a whole, the country's legal policies have not always been in favor of Bitcoin and other cryptocurrencies.
In September 2018, the head of the Russian Central Bank, Elvira Nabiullina, said that "the cryptocurrency of the fever" was fading, declared during the FinTech Finnopolis forum,
In the past, technologies like the blockchain were arousing great enthusiasm, but, in our opinion, a more sober attitude towards these technologies has now begun.
McKinsey and Company, in a recently published article, sharing this sentiment in substance, stating that cryptography was struggling to get out of its pioneering stage and that the sober phases would be advanced in the near future.
Russian Deputy Prime Minister Maxim Akimov said the most stringent regulations are justified by the recent downturn in the market. The 3 invoices related to cryptocurrencies, called "On digital financial resources", have been prepared independently and the clarity by the government is still due. The central bank has a more conservative vision, while the Ministry of Economic Development thinks that the DLT can be used to revive the economy.
Russia has suggested that it could launch its own national cryptocurrency, the CryptoRuble, even if the details are few and far between.
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