{"id":13398,"date":"2021-10-20T13:54:27","date_gmt":"2021-10-20T13:54:27","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/russia-considers-partially-replacing-dollar-reserves-with-digital-assets-in-future\/"},"modified":"2021-10-20T13:54:27","modified_gmt":"2021-10-20T13:54:27","slug":"russia-considers-partially-replacing-dollar-reserves-with-digital-assets-in-future","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/russia-considers-partially-replacing-dollar-reserves-with-digital-assets-in-future\/","title":{"rendered":"Russia Considers Partially Replacing Dollar Reserves With Digital Assets in Future"},"content":{"rendered":"

Amid ongoing sanctions, the government of Russia has been working to limit the country\u2019s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it\u2019s possible to partially replace the greenback in currency reserves and trade settlements with other currencies and even digital assets in the future. <\/strong><\/p>\n

Foreign Ministry Official Sees Russia Acquiring Digital Assets to Reduce US Dollar Dependence<\/h2>\n

In its efforts to counter the negative effects of expanding U.S. sanctions, the Russian Federation is putting an emphasis on \u201cdedollarization,\u201d Deputy Foreign Minister Alexander Pankin remarked in a recent interview<\/a> with the Interfax news agency. The \u201cpurposeful work\u201d aimed at limiting the influence of the U.S. dollar on the domestic economy and foreign trade operations is decreasing the \u201csanctions risks,\u201d the high-ranking diplomat added.<\/p>\n

However, challenges associated with these sanctions still remain, and Pankin stated that Russia\u2019s \u201csettlements with major trading partners need protection and stability in the context of the currency used.\u201d For the time being, Moscow is not facing sanction threats with euro settlements and transfers, but U.S. dollar payments. Pankin explained these go through U.S. banks and clearing systems which allow authorities in Washington to block any transactions they view as suspicious.<\/p>\n

In these circumstances, Foreign Minister Sergey Lavrov\u2019s deputy thinks the expediency of further reducing the share of the dollar in the nation\u2019s foreign currency reserves as well as its use in international settlements is beyond doubt. Russia can replace the U.S. fiat money with other national and regional currencies \u201cand in the future, probably, with some kind of digital assets,\u201d Pankin pondered.<\/p>\n

This would require significant efforts in bilateral, regional, and multilateral formats, noted Alexander Pankin, who oversees international economic cooperation at the Ministry of Foreign Affairs. Established models of cooperation between states and commercial structures would have to be reorganized and appropriate mechanisms to support the functioning of new settlement systems would need to be introduced, the government official elaborated.<\/p>\n

Pankin\u2019s comments come after President Vladimir Putin warned Washington that \u201cthe United States is cutting the branch it is sitting on\u201d by undermining the dollar for the sake of momentary political gain. Speaking with CNBC\u2019s journalist Hadley Gamble, the Russian leader admitted<\/a> that cryptocurrency has value and \u201cthe right to exist.\u201d In the interview, published<\/a> by the Kremlin last week, he stated that crypto can be used for settlements in the trade of oil and other energy resources in the future.<\/p>\n

Cryptocurrencies and related activities have been partially regulated with the adoption of the law \u201cOn Digital Financial Assets\u201d which went into force this year, but Russia needs to further amend its legislation to ensure comprehensive regulation. While digital coins are viewed as money surrogates and prohibited as payment tools under current law (which affirms the ruble as the only legal tender), the government in Moscow has recently indicated<\/a> it\u2019s not planning to ban Russian citizens from acquiring cryptocurrencies.<\/p>\n

Do you expect Russia to add digital assets to its currency reserves in the future? Tell us in the comments section below.<\/em><\/strong><\/p>\n

Bitcoin News
\nFinance, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, currencies, currency reserves, deputy foreign minister, Digital Assets, Digital Currencies, Dollar, Euro, national currencies, Official, Payments, regional currencies, reserves, ruble, Russia, russian, Russian Federation, russians, Settlements, trade, U.S., U.S. dollar<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid ongoing sanctions, the government of Russia has been working to limit the country\u2019s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it\u2019s 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…<\/p>\n","protected":false},"author":0,"featured_media":13399,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13398"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13398"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13399"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}