Russia is preparing an investment in Bitcoin to replace the US dollar as a reserve currency. Photo / 123RF
Russia is preparing an investment in Bitcoin to replace the US dollar as a reserve currency in a bid to tackle US sanctions, according to a Russian economist with close ties to the Kremlin.
Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a
state-funded institution, said the government is taking steps to minimise the impact of US sanctions that have hit the Russian rouble by replacing some of its US dollar reserves with the most popular cryptocurrency.
US sanctions follow the poisoning of former Russian military officer Sergei Skripal. Ginko believes Russia's decision is a move to "protect its national interests".
He claims investment could be as much as US$10 billion ($14.6b).
Cryptocurrencies have seen a surge of interest in Russia, with President Vladimir Putin expressing interest in the digital assets in recent months.
