A lecturer at the Moscow’s Russian Presidential Academy of National Economy and Public Administration, Vladislav Ginko has recently made it known that the Russian government is likely to acquire about 470 billion dollar worth of Bitcoin in the coming months. This move by the Russian Government is to ensure that a part of its reserve in moved from fiat to cryptocurrencies.
The Switch Will Be in Stages
According to Vladislav, doing this will require a lot of planning and is likely to be carried out in stages. Although there is no true confirmation from the Russian Government, the reserve switch is set to take place in the first Quarter of the year. The Russian government will likely be starting with a purchase of not less than $10billion worth of BTC.
Recently, Vladislav responded to Chris Burniske in a tweet addressing the problem of cryptocurrency low adoption in comparison to other financial markets.
According to Vladislav, governments backed acquisition of tokens, still stands high on the list of things that could contribute to increasing capitalization of the market.
“Chris, I believe sitting here in Moscow, Russia, that the real factor of Bitcoin a potion will be when Russian government I’m working for will start investing almost $470 billion reserves into bitcoins. I expect that it’ll be at least $10 billion in the first quarter of this year.”
Vladislav Ginko (@martik), January 6, 2019
Circumventing Sanctions With Bitcoin
Recently, Vladislav stated his views as regards the use of crypto as a means of circumventing the U.S sanction.
He stated that:
“US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins …The central bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future).”