Russian President Vladimir Putin, in an interview within the scope of Russia Energy Week; He said that he believes Bitcoin and cryptocurrencies are valuable, but that it is too early to talk about cryptocurrencies as a means of payment in the trade of energy resources.
Russian Deputy Foreign Minister Aleksandr Pankin, who stated that they always aim to reduce the share of the US dollar in Russia’s international reserves, while Russia continues to reduce its dollar reserves, made an interview with the local news agency Interfax.
During the interview, the Deputy Minister reiterated that the country persists in its plans to reduce the share of US dollars in Russia’s international reserves and payments to foreign partners.
Pankin also stated that they do not rule out the possibility of replacing the US dollar with traditional fiat and digital currencies:
“In the long run, it is possible to replace the US dollar with some digital assets, both national and regional, as well as other currencies.”
Stating that the Russian government is making a serious effort for such a change, Pankin said that the existing cooperation models between countries and businesses should be re-established and new mechanisms should be created for new payment systems.
Deputy Minister Pankin argued that the country’s dollar plans came about as a result of the US government’s avoidance of difficulties caused by sanctions, and added:
Payments made in US dollars go through US banks and the payment system. Washington can also block all transactions it deems suspicious.
Stating that the Russian government does not have problems with the euro or other currencies, Pankin added that they do not intend to take similar measures for other currencies.
In a recent statement from the US Treasury department; It was stated that no country will be allowed to use its currency for unfair export advantage. It was evaluated that the breaking news from the ministry of treasury may be related to the statements of Russia.
DEPUTY US TREASURY SECRETARY ADEYEMO SAYS US WILL NOT ALLOW ANY COUNTRY TO USE ITS CURRENCY FOR UNFAIR EXPORT ADVANTAGE
— *Walter Bloomberg (@DeItaone) October 19, 2021