{"id":12471,"date":"2021-10-19T16:55:52","date_gmt":"2021-10-19T15:55:52","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12471"},"modified":"2021-10-19T16:56:02","modified_gmt":"2021-10-19T15:56:02","slug":"russia-wants-to-replace-us-dollar-reserves-with-digital-assets-on-a-long-term-basis","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/russia-wants-to-replace-us-dollar-reserves-with-digital-assets-on-a-long-term-basis\/","title":{"rendered":"Russia wants to replace US dollar reserves with digital assets on a long term basis"},"content":{"rendered":"\n
Last week, Russian President Vladimir Putin<\/a> said that using cryptocurrencies to settle oil contracts was “a bit\u00a0early.”<\/h5>\n\n\n\n
\"Russia<\/figure>\n\n\n\n

Russia's Ministry of Foreign Affairs \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(MFA Russia) is apparently considering replacing the US dollar with not just traditional fiat currencies but also digital currencies as part of its de-dollarization campaign.<\/p>\n\n\n\n

In a Tuesday interview with local news agency Interfax, Aleksandr Pankin, Russia's deputy minister of foreign affairs, repeated the country's plans to diminish the dollar's participation in Russia's international reserves and its use in settlement with foreign partners.<\/p>\n\n\n\n

MFA Russia isn't ruling out the prospect of replacing the US dollar with “certain digital assets” alongside other currencies, according to the official:<\/p>\n\n\n\n

\u201cIt\u2019s possible to replace the U.S. dollar<\/a> with other currencies, both national and regional, as well as some digital assets in the long term.\u201d<\/p><\/blockquote>\n\n\n\n

Pankin went on to say that such a replacement would necessitate significant government effort, including the rebuilding of established cooperation models between jurisdictions and businesses, as well as the development of new mechanisms for new settlement systems.<\/p>\n\n\n\n

Russia's<\/a> de-dollarization campaign, according to the official, is in line with the country's efforts to avoid the challenges posed by US sanctions.<\/p>\n\n\n\n

\u201cPayments in U.S. dollars go through American banks and a clearing system, which allows Washington <\/a>to block any transactions they deem suspicious,\u201d\u00a0Pankin explained. He went on to say that the Russian government has never had such problems with the euro or other fiat currencies and that it has no plans to do so in the future.<\/p>\n\n\n\n

As $36 billion leaves banks, the Bank of Russia will assess Bitcoin holdings volumes.<\/p>\n\n\n\n

Russia has been considering steps to reduce the dollar's share of its $186 billion national welfare fund for several years. The local government intends to significantly increase its holdings of Chinese yuan and invest in gold.<\/p>\n\n\n\n

Russia's apparent interest in using crypto for international settlement is bolstered by the latest remarks from the Ministry of Foreign Affairs. Last week, Russian President Vladimir Putin suggested that using cryptocurrencies to settle oil contracts was “a little early.” The president also acknowledged cryptocurrency's potential for global money transfers<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, Russian President Vladimir Putin said that using cryptocurrencies to settle oil contracts was “a bit\u00a0early.” Russia’s Ministry of Foreign Affairs (MFA Russia) is apparently considering replacing the US dollar with not just traditional fiat currencies but also digital currencies as part of its de-dollarization campaign. In a Tuesday interview with local news agency […]<\/p>\n","protected":false},"author":13,"featured_media":12484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1526,904,924],"class_list":["post-12471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-digital-assets","tag-russia","tag-us-dollar"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-89.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12471"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12484"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}