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Rumors have spread over the past week that Russia might reflect on the possibility of acquiring a considerable amount of Bitcoin as a means of combating the economic sanctions imposed by the United States, which may not be entirely accurate.
According to an article published by the Forklog news portal, Elina Sidorenko, president of an interdepartmental working group of the State Duma for the management of the risks of cryptocurrency turnover, commented that although the country may have an interest in implementing this type of technology, from his point of view he does not see the possibility that such mass adoption will occur in the short or medium term.
"Under this statement there is not some common sense, less ideas that could be considered in government circles." The Russian Federation, like any other country in the world, simply is not ready today to combine in some its traditional financial system with cryptocurrencies And to say that in Russia this idea can be implemented in the next 30 years is unlikely to be possible "
For Sidorenko, recent statements by Vladislav Ginko, economist at the Russian presidential academy for the national economy and public administration, which states that Russia was buying at least 10 billion dollars in Bitcoin in the first quarter of # 39; year, have no foundation because the country does not have the legal structure to allow the encrypted coins to circulate as legal tender currency.
"Even if Russia wants to place its cryptocurrency assets now, it simply can not do it, because we have no mechanism that would allow us to introduce a system, in which such assets would be stored, which authorities would be responsible for this, which would be responsible for abuses and things – such a model in the current criminal, financial and civil law in general does not fit in. Worldwide, a cryptocurrency is considered a high-risk resource and a similar model would naturally not be good for nobody "
Despite the above, there is a possibility. The expert mentioned the idea of creating a unified system of payments between countries. According to Sidorenko "The BRICS countries have approached it".
Recently, to stop relying on the manipulation of the dollar, Russia began a process of transferring its monetary reserves to Yuan and Dollars by downloading $ 101 billion in US reserves from its reserves, moving to euro and yuan, according to an official report of the Central Bank of Russia
