Russia Considers Partially Replacing Dollar Reserves With Digital Assets in F...
Amid ongoing sanctions, the government of Russia has been working to limit the country’s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it’s possible to partially replace the greenback in currency reserves and trade settlements with other currencies and even digital assets in the future. Foreign Ministry Official Sees Russia Acquiring Digital Assets to Reduce US Dollar Dependence In its efforts to counter the negative effects of expanding U.S. sanctions, the Russian Federation is putting an emphasis on “dedollarization,” Deputy Foreign....
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Last week, the Russian president said it was “a bit early” to use cryptocurrencies to settle oil trades. As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies.Aleksandr Pankin, deputy minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its usage in settlement with foreign partners in a Tuesday interview with local news agency....
Russia has reportedly announced that U.S. dollar assets will be removed from its National Wealth Fund as U.S. sanctions on Moscow intensify. The fund, which currently totals about $600.9 billion, forms part of Russia’s gold and currency reserves. Russia Steps up De-Dollarization Efforts Russia’s finance minister, Anton Siluanov, announced at the St. Petersburg International Economic Forum on Thursday that dollar assets will be removed from the National Wealth Fund (NWF) altogether as Washington continues to impose sanctions on Moscow. According to a translation by Reuters, he....
The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal.
Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies
Cryptocurrencies in the Russian Federation, as well as related activities, remain only partially regulated, mainly through the law “On Digital Financial Assets,” which went into force at the beginning of this year. One....
Russia is now holding more gold than U.S. dollars in its reserves for the first time, according to the latest report by Russia’s central bank. Russian President Vladimir Putin has made de-dollarization his country’s key policy to reduce the Russian economy’s exposure to the U.S. dollar amid heavy sanctions. Russia Now Has More Gold in Its Reserves Than US Dollars Gold has reportedly surpassed U.S. dollars in Russia’s reserves of $583 billion for the first time, according to a report published this week by the Bank of Russia. The country has been growing its....
Russia’s pivot towards stablecoins comes against the backdrop of its chairmanship of the BRICS group (Brazil, Russia, India, China, and South Africa). The BRICS nations have previously discussed the creation of a digital currency-based payment system, the BRICS Bridge, to reduce reliance on the US dollar-dominated global financial system. Related Reading: Bitcoin Sideways Amid Fed […]