{"id":354883,"date":"2021-10-19T13:45:40","date_gmt":"2021-10-19T10:45:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russia-aims-to-replace-us-dollar-reserves-with-digital-assets-in-long-term\/"},"modified":"2021-10-19T13:45:40","modified_gmt":"2021-10-19T10:45:40","slug":"russia-aims-to-replace-us-dollar-reserves-with-digital-assets-in-long-term","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russia-aims-to-replace-us-dollar-reserves-with-digital-assets-in-long-term\/","title":{"rendered":"# Russia aims to replace US dollar reserves with digital assets in long term"},"content":{"rendered":"

“# Russia aims to replace US dollar reserves with digital assets in long term <\/strong>”
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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.<\/p>\n

Aleksandr Pankin, Deputy Minister of Foreign Affairs of Russia, reiterated the country\u2019s plans to reduce the U.S. dollar share in Russia\u2019s international reserves and its usage in settlement with foreign partners in an Oct. 19 interview<\/a> with local news<\/a> agency Interfax.<\/p>\n

The official said that MFA Russia doesn\u2019t exclude the possibility of replacing the U.S. dollar with \u201csome digital assets\u201d alongside other currencies:<\/p>\n

\u201cIt\u2019s possible to replace the U.S. dollar with other currencies, both national and regional, as well as some digital assets in the long term.\u201d<\/p><\/blockquote>\n

Pankin added that such replacement would require significant efforts from the government, including rebuilding established cooperation models between jurisdictions and businesses, as well as creating new mechanisms for new settlement systems.<\/p>\n

The official noted Russia\u2019s de-dollarization campaign comes in line with the country\u2019s efforts to avoid challenges posed by sanctions from the U.S. government.<\/p>\n

\u201cPayments in U.S. dollars go through American banks and a clearing system, which allows Washington to block any transactions they deem suspicious,\u201d Pankin said. He added that the Russian government has not faced such issues with the euro or other fiat currencies and doesn\u2019t plan similar measures for any other national currencies so far.<\/p>\n

Related: \u200b\u200b<\/em><\/strong>Bank of Russia to assess Bitcoin holdings volumes as $36B leave banks<\/em><\/strong><\/p>\n

For several years, Russia has been considering<\/a> steps to cut the U.S. dollar share in its $186-billion national welfare fund. Local authorities are\u00a0planning<\/a> to dramatically increase its holdings of Chinese yuan and invest in gold.<\/p>\n

The latest remarks from MFA further reinforce Russia\u2019s app<\/a>arent interest in using crypto for international settlement. Last week, Russian President Vladimir Putin said that it was \u201ca bit early\u201d to use cryptocurrencies for settling oil trades. The president also admitted cryptocurrency\u2019s potential for transferring funds globally.<\/p>\n