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The Russian economist, Vladislav Ginko, says Russia is trying to invest $ 10 billion in Bitcoin, as the state Duma has placed cryptocurrency legislation in first place in the 2019 agenda.
There is talk of investments in Bitcoin of $ 10 billion
Ginko, an economist with ties to the Kremlin, says the Russian government will convert some of its dollar reserves into Bitcoin, a move that may start as early as February.
Last week, Bitcoinist reported for the first time on the government's plans to abandon the dollar as a way to circumvent US sanctions.
Vladislav Ginko
Now, second The Telegraph, the Kremlin plans to invest up to $ 10 billion in Bitcoin, citing Ginko, who added:
[The] The Russian government is going to take a step to start diversifying the financial reserves in Bitcoin from Russia [is] forced by US sanctions to empty US Treasury bonds and [take] back US dollars."These sanctions and the willingness to adopt modern financial technologies lead Russia to invest its reserves in Bitcoin.
The economist also believes that cryptocurrency-related activities now include at least 8% of the country's GDP. Furthermore, Ginko expects that Russia will also create a "Bitruble" intermediary, which will trade for bitcoins.
"The proposal that I understand is on the desk of the finance minister at the moment is to create a sort of intermediate cryptocurrency," commented Mati Greenspan, eToro Senior Market Analyst, in reaction to the news.
We know that Vladimir Putin is a great supporter of blockchain technology. Obviously he does not like the sanctions that have been imposed on him, and he has already said that this kind of sanctions will lead to de-dollarization. This is more or less the direction in which the Russian government is going.
Cryptocurrency regulations at the top of the agenda
Also Greenspan adds that "the only thing that holds back the country is the legal framework to do it".
It is interesting to note that, by nurturing the aforementioned rumors, there are new reports that Russian legislators are trying to prioritize the creation of a legal basis for the cryptocurrency market this year.
According to Alexander Zhukov, the first vice president of the state Duma, the cryptocurrency regulations are at the center of the legislative work for 2019. An excerpt of a recent article on the official website of the state Duma law:
Among the priorities of parliamentary work in the spring session are issues related to the development of the digital economy, legislative proposals to improve anti-corruption legislation and amendments that will strengthen the fight against financial fraudsters.
In addition to being one of the focal points for the Spring Session of the State Duma, even issues related to the cryptocurrency industry will receive special attention.
According to Zhukov, president of the state Duma, Vyacheslav Volodin has instructed that particular attention be paid to the drafting of laws for the development of the digital economy.
The Russian cryptocurrency law could finally occur in 2019
Despite numerous efforts, the country's legislature has not been able to overcome anyone cryptocurrency legislation in 2018. Even with the apparent solicitation of President Vladimir Putin, the state Duma has not approved the "On Digital Financial Assets" proposal.
With these new statements by high-ranking members of the Russian parliament, the country could finally be on the path to obtain clear regulations for the industry. Speaking during the opening plenary meeting, Volodin he urged the legislators to go beyond "legislative blocks" and concentrate on the passage and application of laws.
What impact do you think a $ 10 billion investment from Russia would have on the price of Bitcoin? Let us know your thoughts in the comments below.
Image courtesy of Duma.gov.ru, Shutterstock, Youtube
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