Russia to replace USD reserves with Bitcoin

[nur rochid]

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.

they will take advantage of the silence. but it may be true not only Russia, and of course they are preparing a big plan to increase the country's prosperity. we can see later, which country is right to carry out its strategy

[mu_enrico]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

[Barbut]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

News are mostly full of speculations, rarely I see some good article in any cryptocurrency oriented news. I transferred my attention on twitter mostly, steemit a very often, telegram. Many times I see it first on twitter, than I see article where they quote people from twitter (its what journalism is about now). I follow many people who have good influence in crypto community, they are better informed than many crypto news.

[shesheboy]

~ snip

News are mostly full of speculations, rarely I see some good article in any cryptocurrency oriented news. I transferred my attention on twitter mostly, steemit a very often, telegram. Many times I see it first on twitter, than I see article where they quote people from twitter (its what journalism is about now). I follow many people who have good influence in crypto community, they are better informed than many crypto news.

not all on social media are legit  . those popular personalities that you are following are only controlled by a fan or its only a dummy account  .  news are still a better source for information but as long as you are reading the news on a reputable source  and not only on just random news sites that are not popular or dont have a reputation yet  . anyway , back on the origial topic  .  its nice to hear that russia is now starting a cashless society    , before im saying that its not possible but it is really possible after i see this  .

[Febo]

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.

Well that exchange once out of Russia washed tons for MtGox Bitcoins and is closed now and owners in prison. So you can imagine why they were pushed out of Russia. They probably break laws in past also.

[shinharu10282016]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

I believe this is one of the reasons this article is published. Probably paid to increase some inflows to the current market situation. Some kind of a money maker that wants some nice profit out of a very short rally of cryptocurrency prices.

[Netnox]

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.

Do you have any proof for this? The forex reserves are regularly audited and the details are published by almost all of the central banks around the world (obviously there are exceptions such as China). In case some country is accumulating Bitcoin, then it is very hard to keep it as a secret. In one way or another, the press will come to know about it.

[LUCKMCFLY]

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 .

Russia has a ruler who is actually very clever and intelligent, some part of his money inflows or all his money may not leave him in the hands of bitcoin, because volatility is one of the reasons for Non-Trust on the part of all the governments and the banking in the world, maybe it is considering a part of the money to leave it in bitcoin because it knows that if in a given moment the bitcoin will begin to rise and put in bullish tendency, according to the phases of the market we are in the phase of accumulation where it is ideal to buy and to sell would be ideal to do it in the distribution phase, maybe, they are thinking about that possibility.

But being a government that has many specialists in the economic, not everything should be left in Bitcoin, there must be other investments, gold represents much more confidence and provide security and a great support based on liquidity, more than the bitcoin I think governments and banking every day increase their investments in gold, also can take refuge there in the face of a possible global crash of the economy, which is a scenario that every government in the world has raised and do not want to stay with their hands empty.

[soxxx]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

[BlueStackz]

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

It is possible they change it entirely in future when the cryptocurrency system has been fully established and accepted but not at this early stage. One thing I am really certain of is that we have some smart countries that are using bitcoin to increase their reserve, which will be the wisest thing to do now that some government are not yet in the loop.

Imagine Russian government using 5 million dollars from their reserve to buy bitcoin when it was $5000, which means that within this short increase, they would have increased their reserve with about 2 million dollars extra without much stress. Do you know what project that will solve in their country?

[mangsitin]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

Yes, I have also heard the news, that the Russian government will buy a lot of Bitcoin to replace their USD reserves, so if the price of Bitcoin today increases, I think that's because Russia buys Bitcoin with a lot.

[South Park]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

I agree, if any powerful country was really accumulating bitcoin then the price should be many times higher than what we are seeing now since countries have an unlimited amount of money at their disposal that they can print it at will, so to me this is only a rumor with no basis at all in the reality that we are experiencing and if a country like Russia is really looking to replace the dollar they should be looking at the market of gold and silver which is many times bigger than the market of cryptocurrencies.

[pishite]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

I agree, if any powerful country was really accumulating bitcoin then the price should be many times higher than what we are seeing now since countries have an unlimited amount of money at their disposal that they can print it at will, so to me this is only a rumor with no basis at all in the reality that we are experiencing and if a country like Russia is really looking to replace the dollar they should be looking at the market of gold and silver which is many times bigger than the market of cryptocurrencies.

Many Russian businessmen hold their funds in Bitcoin. For example, Herman Greff, director of Sberbank. Nobody will talk about it openly. And Bitcoin is really a good coin to bypass the sanctions that many countries, such as Japan, support.

[mu_enrico]

Many Russian businessmen hold their funds in Bitcoin.

Who?

For example, Herman Greff, director of Sberbank.

Sberbank of Russia CEO German Gref admitted to having a small amount of cryptocurrency — bitcoin, he said Thursday at Finnopolis 2015 conference.
"I am one of the victims, I have a small amount of bitcoins," he said

Source: http://tass.com/economy/821750

I'm just saying that you need proof more than rumors from crypto media. Also, it would be best if you had a logical construct, to guide your thinking. For example, even if your statement is true "Many Russian businessmen hold their funds in Bitcoin," it doesn't mean that what OP said is true "Russia will replace its USD reserves with Bitcoin."

[passwordnow]

With the title, it seems to be positive but checking detail by detail if its truly a good news, you will start doubting on where the facts came from and who are those people that tells it positively. We don't actually know what's the exact position of the Russian government when it comes to crypto but as long as they won't ban it, I think that's already positive. I doubt it that Russia would replace their USD reserves for bitcoin. They may adopt and start using bitcoin or advertise it to their constituents but I still doubt the exact thought of the article or else it's an editorial.

[Netnox]

No ones talking about, but I honestly think Russia caused this pump....remember in January we heard they were going to start buying up Billions of Bitcoin in the spring? Well look what happened, Russia has $450 Billion in reserves that they had to spend because the sanctions were making it difficult, lets face it, they bought Bitcoin, a ton of Bitcoin.

Its not a coincidence, the rumors were just true, people labeled them fake because they didn't think it would be so public, well it was true.

What a load of BS!!!

The sanctions and embargoes are applicable only to certain sectors within the Russian economy. The Russian banking system is still connected to the SWIFT, and until that remains in place they don't need to do any sanction evasion. What you are claiming can be true with North Korea. The sanctions against DPRK cover almost all the sectors and it is difficult to make international banking transactions for them. But then, North Korea doesn't have the funds needed to manipulate the BTC prices. 

[pishite]

Many Russian businessmen hold their funds in Bitcoin.

Who?

For example, Herman Greff, director of Sberbank.

Sberbank of Russia CEO German Gref admitted to having a small amount of cryptocurrency — bitcoin, he said Thursday at Finnopolis 2015 conference.
"I am one of the victims, I have a small amount of bitcoins," he said

Source: http://tass.com/economy/821750

I'm just saying that you need proof more than rumors from crypto media. Also, it would be best if you had a logical construct, to guide your thinking. For example, even if your statement is true "Many Russian businessmen hold their funds in Bitcoin," it doesn't mean that what OP said is true "Russia will replace its USD reserves with Bitcoin."

Nobody has direct evidence! We only operate with facts from newspapers, TV or the Internet. But cryptocurrency is used for trading and buying goods, in order to circumvent the imposed sanctions, on some industries. For example, for the purchase of equipment from Japan for construction, and there, as we know, Bitcoin is allowed.

[GregH37]

According to a high-profile Russian economist, this could happen in the coming months.

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

Who?

This article is an example of bad journalism in cryptocurrency's media. This story has no basis, only a rumor, and speculation. If the motivation behind this article is to give positive hype to buy BTC, then it is a success! Nice!

You are right, it might be a rumor, and behind every rumor, there lies a truth, so we should not completely rule out the possibility, the only thing that I am sure of is that if Russia was to get involved and many other countries, they cannot openly declare their support for it.

I want to believe that this is just a speculation, and it’s not so bad because speculation is what the market breaths on, we just need to carefully chose what we believe in and make our own research first before responding, some of these speculations are there to cause FOMO, while some are there to create panic.

[Mpamaegbu]

I seriously doubt this, not that I won't be happy anyway if that news were true. Of course, I will because that's a boost to Bitcoin. But I doubt if Russia will go the way of something as unstable and risky as cryptocurrency as an alternative to dollar. It isn't only Russia having a hard one with the US, China is also currently enmeshed in a trade war with the US. It's really a hard nut to crack. However, let's continue to enjoy the momentary rise of Bitcoin price no matter where the new pump is coming from.

[Indamuck]

USD is really only the global reserve currency because of how strong the United States military is.  Its backed by terror and not sound economics.  I have suspected that many governments around the world have started to mine and accumulate btc themselves in case the dollar collapses.