Russia continues to de-dollarize: digital assets may become new foreign exchange reserve assets
Bloomberg quoted Interfax News on October 19 that Russian Deputy Foreign Minister Alexander Pankin said that in order to reduce the risk of sanctions, Russia will continue to de-dollarize, although the government and companies will Pay the price.
According to reports, Pan Jin said that the U.S. dollar’s share of Russia’s international reserves may be further replaced by other currencies, and may be replaced by digital assets at some point in the future.
A number of data indicate that Russia has become more and more accepting of digital assets in the past period of time.
According to Cointelegraph, some existing data prove that cryptocurrency investment has become extremely popular in Russia. According to a survey conducted by the Russian Association of Foreign Exchange Dealers, as many as 77% of Russian investors prefer Bitcoin compared to traditional investment tools such as gold and foreign exchange .
Russia is a veritable big Bitcoin player. According to the latest Bitcoin computing power distribution of the Cambridge Centre for Alternative Finance, the United States accounts for 35.4% of the world’s total computing power, ranking first, followed by Kazakhstan (18%) and Russia respectively. (11.23%).
In addition, in October this year, senior Russian leaders made intensive statements on cryptocurrencies.
A few days ago, according to the Russian Satellite News Agency, Russian President Vladimir Putin said that cryptocurrency can be used as a settlement unit, but it is very unstable and it is too early to be used to pay for energy. At the same time, he also pointed out that the production and trading of cryptocurrency requires a lot of energy, which will be a potential obstacle. Because Bitcoin requires the powerful computing power of a computer to process transactions and produce tokens.
With the gradual migration of mining to Russia, the Russian Ministry of Energy is seeking to impose special electricity prices on cryptocurrency miners. According to a local media RBC report on October 13, Russian Energy Minister Nikolai Shulginov stated that a new framework is being developed to distinguish tariffs on general-purpose and cryptocurrency mining. Nikolai Shulginov stated that cryptocurrency miners in Russia should not consume electricity at residential electricity prices.
Russian Deputy Finance Minister Alexei Moiseev (Alexei Moiseev) stated on October 12 that the government has no plans to impose a ban on cryptocurrency transactions. According to Moiseev, citizens will be able to purchase digital assets and use crypto wallets in foreign exchange transactions.
Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, stated on October 7 that legislators in the state parliament are considering enacting new legislation to restrict investment in cryptocurrencies by unauthorized investors. Aksakov said, “Cryptocurrency investment is accompanied by great risks and considerable returns. Global investors are investing billions of dollars in cryptocurrencies. Of course, we need to provide specific legislation to protect non-professional investors from Poorly considered investment in digital currencies.”
It is reported that Russia’s move is intended to get rid of its dependence on the US dollar. Russia said in June this year that it would completely remove U.S. dollar assets from its National Wealth Fund (NWF) and plans to start a digital ruble test early next year.
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