Russia to replace USD reserves with Bitcoin

[Slow death]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

Do not believe this bullshit, how many times have we heard things like these coming from Russia? This:

Russia: Central Bank Suggests Limiting Sale of Crypto Assets for ‘Unqualified Investors’

shows clearly that russia will not use bitcoin. so stop believing these bullshit that a country with dark politics like russia will accept bitcoin

Russia: Financial Markets Committee Considers Requiring Identification From Crypto Users

Russian Minister of Justice: Cryptocurrency Doesn’t Yet Need to Be Legally Defined

Both the constitution and current financial system  legislation in Russia “categorically prohibit” using cryptocurrencies as a means of payment, Konovalov argued, citing article 75 of the country’s constitution.

[guoyu78]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

I don't really know how true that can be but I have seen it once on The Telegrah UK. It say that the Russian government is preparing a $10 billion investment in bitcoin. Lol,  I'm wondering how this is going to turn out. So since bitcoin as we all know it is something very volatile, are they going to invest in it and once the price starts to drop they withdraw the money to another kind of asset or what? Cause I'm sure that once that kind of amount jumps into cryptocurrency there is going to be a bull run for sure,  $10 billion is not a small amount of money,  so the price of BTC is going up for sure if such a thing happens.

[pushups44]

I doubt Russia will openly invest in bitcoin, and they are probably not investing in it at this time. We do know Russia is investing heavily into gold to diversify away from the U.S. dollar. Also, it's entirely possible that Russian oligarchs are accumulating massive amounts of bitcoin at this time. Perhaps as bitcoin gains greater legitimacy in the future Russia will use it as a means of bypassing sanctions.

[GregH37]

I think yuan would be much better for Russia if you think about it. Russia used to be a fully communist country and to say that they became democracy would be ignorant, they are still ruled with an iron fist on Putins orders and they still have a lot of communist propaganda and like it very much, they are very much against capitalism.

Even in Ukraine which is probably Russians biggest enemy capitalism is not fully emerged yet. So, china while fighting against USA economically could very much love the help from Russia to increase the value of Chinese yuan against dollars, if Russia ends up with buying yuan with all their dollars that would make yuan more valuable and make dollar lose value. That could both help Russia with sanctions via China and help China get stronger against USA.

Lol which country doesn't want to be better than US? but you still have a good idea, maybe they should invest the money in Chinese yuan. But nobody is sure about this news yet, you know how the media works,  they can fabricate news at anytime and start to spread it even when they don't have solid proof on what they are talking about.

All they do is just to stay relevant. And one thing for sure is that they didn't just wake up and decide that they are going to invest the money in Bitcoin, if it's true, they must have discussed it over a lot of times before coming to the conclusion that bitcoin is a better go for them.

[redsun114]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

Such rumours really make a vast contribution in the growth of bitcoins but until they arrive from a trusted source there always is silence in the markets. In these markets where most of the governments are banning cryptocurrencies it is really difficult to accept that china is preparing to invest their reserves into bitcoins. But if ever this is a confirmed news, then I am sure a lot of big whales will seriously fill their pockets as soon as possible which will show a huge price in the history of bitcoins.

Peoples like me always rely on such hopes and try investing into dips. If ever Russia shows such growth in bitcoins than most of the other friendly countries may also start going for it which may pump the price multiple times.

[sana54210]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

It can't be logical until Bitcoin becomes stable. All those monetary reserves are first of all made to save the money and not to get any profits out of it. So bitcoin can't be reserve currency for such a big country like Russi then first it should become stable  to secure the financial safety of the country and then it should have enough liquidity to make it possible to use this money. For this time we don't even have enough liquidity for that.

I agree with you on this, they might not really make it a reserve since the market is still very volatile and quite risky, but at the other hand, it is a game of luck, it will favor them more if they do so now that the market is just recovering, imagine that they put part of their reserve in BTC now, let’s say 10 billion dollars, and BTC multiplies by 10x tomorrow, it means their reserve would have become 100 billion dollars. We can see that bitcoin has indirectly solved their economy crises without them knowing.

I am sure they would have explored this option with the help of experts and will look for the right time to come in; those are part of the reason why I believe that the bull  run of BTC is very close by.

Bitcoin will never be stable.Russia will not invest the money in bitcoin.This is contrary to the country's strategy.Yes this year will be tested in some areas the use of new technologies including cryptocurrencies.But I think it is not necessary to associate this event with the purchase of a large number of bitcoins.As far as I know, Russia as of 2014 has become the largest buyer of gold but not bitcoin.Although to ignore this news is so not worth it.We don't know what's going on in the corridors of power.

For the fact that they have invested in Gold does not mean that they will not also invest in Bitcoin, you think government will keep all their eggs in 1 basket? They might have gold reserve and still have bitcoin reserve.

Between Bitcoin and Gold, which one do you think will be easier for them to sell and easily sold, it will be bitcoin, even digital gold does not sell fast as much as bitcoin sells globally, I am not supporting op’s claim 100% because it can’t be possible, but I can guarantee that Russia will definitely have invested in bitcoin too to secure the future in case of recession.

[Fabienne_ayy]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

Only rumors, don't take it too seriously

[fullhdpixel]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

[im g]https://i.imgur.com/afwIoXB.png[/img]

Do not believe this bullshit, how many times have we heard things like these coming from Russia? This:

Russia: Central Bank Suggests Limiting Sale of Crypto Assets for ‘Unqualified Investors’

shows clearly that russia will not use bitcoin. so stop believing these bullshit that a country with dark politics like russia will accept bitcoin

Russia: Financial Markets Committee Considers Requiring Identification From Crypto Users

Russian Minister of Justice: Cryptocurrency Doesn’t Yet Need to Be Legally Defined

Both the constitution and current financial system  legislation in Russia “categorically prohibit” using cryptocurrencies as a means of payment, Konovalov argued, citing article 75 of the country’s constitution.

These type of rumours always passes on and also most of the peoples buy bitcoins hearing such news. We can't really assume that this is a fake news until it is been declared from any of the official source. Russia is a developing nation which has already shown huge growth in terms of security, finances, etc so expecting something similar from them can be expected by the community.

This might not surely be a news which would be relied upon. Also not only Russia but also most of other countries are not showing good enough growth towards expecting cryptocurrencies into day-to-day transactions. We can always have faith and expect something good coming towards us.

[bitgolden]

I doubt Russia will openly invest in bitcoin, and they are probably not investing in it at this time. We do know Russia is investing heavily into gold to diversify away from the U.S. dollar. Also, it's entirely possible that Russian oligarchs are accumulating massive amounts of bitcoin at this time. Perhaps as bitcoin gains greater legitimacy in the future Russia will use it as a means of bypassing sanctions.

They all have their covert operations, and so long they have not legalized bitcoin, they will never openly declare their intention to do so, but that does not mean that they are not investing or trading with it underground.

If government can trade forex and also invest in GOLD with little volatility, now that they have got the chance to make enough money through BTC volatility, they will sure do it using experts, and where will they get the money they are using from if not from the reserve, so it is possible someone somewhere got exposed to the secret which they will deny.

[incomefromcoins]

Russia government is crypto friendly they are forming crypto law in the coming future that doesn't mean they change their country reserve to bitcoin i strongly belive it is false news

[fiulpro]

Dollar surges for sure but the amount of profit is not even comparable to the profit they could get from Bitcoins also at the same time if they are thinking about investing in Bitcoins then it will be backed by a pretty big bear therefore it could prove profitable for not only them but for all of us.

Exceptionally if the market goes down again now then I think they will run away and won't think about investing again because no one want that volatile stocks , then again we just hope for the best but it might take them a while to make that happen because it's about a big governmental issue not something that's small.

[Netnox]

Russia government is crypto friendly they are forming crypto law in the coming future that doesn't mean they change their country reserve to bitcoin i strongly belive it is false news

The Russian government is not that friendly to the cryptos. If you remember, BTC-e (which was set up by two Moscow-based Russian IT experts) was forced to shift their operations out of that country due to harassment from the authorities. Things have improved a bit, but still it is not that easy to set up a bitcoin-based business in Russia.

Now coming to the Toshi Times, it is just another third rate media outlet, which prints fake news in order to get free publicity and revenue. You can find a number of such outlets here, and none of them have any credibility or honour.

[LeGaulois]

Dollar surges for sure but the amount of profit is not even comparable to the profit they could get from Bitcoins also at the same time if they are thinking about investing in Bitcoins then it will be backed by a pretty big bear therefore it could prove profitable for not only them but for all of us.

Exceptionally if the market goes down again now then I think they will run away and won't think about investing again because no one want that volatile stocks , then again we just hope for the best but it might take them a while to make that happen because it's about a big governmental issue not something that's small.

Dude, it's fake news and it has been said several times, read the conversation, Russia won't replace anything with Bitcoin, the country isn't so crazy. The sum of profits, as you say, could also turn to be a loss for the country, which could result in a nightmare for the country's economy, investing is not done with free money. Governments aren't "designed" to invest in the crypto market.

[Xampeuu]

Dollar surges for sure but the amount of profit is not even comparable to the profit they could get from Bitcoins also at the same time if they are thinking about investing in Bitcoins then it will be backed by a pretty big bear therefore it could prove profitable for not only them but for all of us.

Exceptionally if the market goes down again now then I think they will run away and won't think about investing again because no one want that volatile stocks , then again we just hope for the best but it might take them a while to make that happen because it's about a big governmental issue not something that's small.

Dude, it's fake news and it has been said several times, read the conversation, Russia won't replace anything with Bitcoin, the country isn't so crazy. The sum of profits, as you say, could also turn to be a loss for the country, which could result in a nightmare for the country's economy, investing is not done with free money. Governments aren't "designed" to invest in the crypto market.

I think so too, Russia will not take the reckless steps to directly replace the dollar with bitcoin, of course they put on their respective parts so that everything is profitable. and I think for now the ones who dare to change with bitcoin are only countries with acute crisis

[Argoo]

Due to US sanctions , Russia may well start to invest its reserves in Bitcoin. Ive heard this rumour for months, but it looks more and more logical and likely.

https://toshitimes.com/russia-plans-to-replace-u-s-dollar-with-bitcoin/

This article sums it up pretty well and if it does become true, it will surely bring a very strong bullish trend .

The Russian government has long shown interest in cryptocurrency in connection with circumventing international sanctions. Therefore, it was Russian specialists who, on the instructions of Putin, helped the President of Venezuela Maduro to create their centralized cryptocurrency El-Petro precisely in order to avoid international sanctions. Therefore, it is likely that they will learn from the experience of Venezuela. However, we see that they do not create their cryptocurrency so far, this would attract too much public attention. Therefore, most likely, they will buy Bitcoin or another decentralized cryptocurrency. As always, they will act in secret and if they are exposed to this, they will traditionally declare that it is not they and they did not do this and in general they were not there.

[Marry Finch]

Russia can buy Bitcoins or another cryptocurrency only in order to circumvent international sanctions. Therefore, the government will do it or does it in secret, and this fact will be denied to direct questions in public.
You already see that, in general, Russia is trying to ban free circulation of cryptocurrency for its citizens. There will ignore the views of citizens and this is a sign of authoritarianism as a form of government by society.

[uneng]

Of course this is fake news, dollar reserve is very important for any country, as it's a stable currency that supply the country in crisis times. With bitcoin the country would become too vulnerable to foreigner intervention (sabotage), especially Russia, which is one of the most influent countries in the world.
Other people hodling large btc funds could just dump the market to affect that country storing their reserves in bitcoin.

Although I think every country should store some btcs (or even cities, villages administrations), but not their entire budget or reserve.

[Maheshkumar_Hrangkhawl]

I don't understand the purpose in posting such fake news. I am afraid that it will not do any good for the cause of crypto-currency. Considering the decentralized nature of Bitcoin, it will be very difficult to get the backing of the governments and the Russian government is no exception to this. But why we need them, when we can thrive without the government help?

[andronikos]

Actually I believe there are lots of countries who accumulate btc. They just don't want us to know. Crypto will be the future of world currencies. This is for sure.

[EastSound]

I thought Putin was going to make a Ruble that is blockchain based.