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Will Russia earn billions by abandoning dollar and embracing cryptocurrency?

The British financier, founder, and general director of the Carlton James Group Simon Calton said that if the dollar is abandoned, Russia has prospects to make billions from cryptocurrencies. He said this in the publication on the pages of the publication Investment Week.

Calton brought attention to the fact that in the recent years the Russian regulator has been pursuing a policy which aims at reducing the financial dependence on the US dollar.

He writes “Russia has a record high reserve of $ 462.1 billion. These savings are a tool to effectively protect a country’s economy from geopolitical risks. ”

According to Calton, there is a high probability that Moscow can pay more attention to cryptocurrencies – in particular, Bitcoin.

If Russia risks investing in these assets, despite the decline in the price of Bitcoin in 2018, this can change the rules of the game. The British financier believes that the Russian Central Bank can not only stabilize the cryptocurrency rate, but also make good money on it. He said “If Russia fulfills its investment plans, the Central Bank of the Russian Federation will receive one-sixth of all bitcoins, which ultimately will significantly increase the value of this digital asset.”

At the same time, Simon Calton admits that today the leading world powers are cautious about investing in cryptocurrencies. They are scared away by the high volatility of these financial instruments that are not tied to tangible assets that determine the base value of traditional currencies. In this regard, the course of Bitcoin is subject to sharp fluctuations.

However, Calton also believes, the attitude to cryptocurrencies may change. The blockchain technology expands the horizons of classic financial technologies. At present Russia is working on creating cryptocurrency offshore zones – in Kaliningrad and in the Primorsky Territory in the Far East.

But paying so much attention to cryptocurrency does not mean that Russia totally rejects the dollar. Recall that earlier, Prime Minister Dmitry Medvedev explained that “dedollarization” does not mean a complete rejection of the dollar or a ban on the circulation of the American currency. The prime minister said that “a country should focus on its national currency.”

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