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Putin Criticizes Reliance on Foreign Currency Reserves, Suggests Shift to Domestic Investments and Cryptocurrencies
Moscow: Russian President Vladimir Putin on Wednesday questioned the practice of holding state reserves in foreign currencies, arguing that they are vulnerable to confiscation for political reasons. Speaking at an investment conference, Putin highlighted the importance of redirecting reserves toward domestic investments in infrastructure, logistics, science, and education.
Key Highlights:
Putin’s comments come in the wake of Western countries freezing approximately $300 billion of Russian reserves at the onset of the Ukraine war in 2022.
Discussions among G7 nations continue on how these funds could be repurposed to support Ukraine.
"A legitimate question: why accumulate reserves if they can be lost so easily?" Putin remarked, emphasizing the unreliability of foreign assets.
Dollar's Role as a Global Currency Under Scrutiny
Putin criticized the U.S. dollar’s dominance as a global reserve currency, accusing the United States of using it as a political weapon to exploit other economies. "The use of the dollar as a world currency gives the U.S. a lot of money. They exploit this position for their benefit, often undermining their own credibility by weaponizing the dollar for political or military purposes," Putin stated.
He added that such practices have led many countries, including U.S. allies, to reduce their dollar and euro reserves, with global holdings in these currencies decreasing by 13% over the past decade.
Shift Toward Alternative Assets
Putin highlighted the rise of cryptocurrencies like Bitcoin and other digital payment systems as viable alternatives to traditional financial instruments. "For example, Bitcoin—who can prohibit it? No one. These new technologies are inevitable because they offer lower costs and greater reliability," he said, predicting increased global reliance on electronic payment systems.
Policy Shift for Russia
Putin suggested that Russia should focus on adapting its international financial policies to align with global economic changes. He noted that even countries allied with the U.S. are exploring alternatives to the dollar, signaling a broader shift in the global economic order. "We never refused to use dollars; we were denied the ability to do so. Now, we must consider our next steps to ensure economic stability and sovereignty," Putin emphasized.
Impact on Global Economics
Putin’s comments underline the ongoing de-dollarization trend, as nations diversify their reserves to mitigate risks associated with U.S. sanctions and geopolitical tensions. The advocacy for cryptocurrencies and alternative financial systems marks a significant shift in Russia's approach to managing its economy amid Western restrictions.
This move reflects broader global efforts to reduce dependence on the U.S. dollar and adapt to an evolving financial landscape influenced by new technologies and geopolitical pressures.
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