JUST REVEALED: Russia Is Adopting XRP At This Moment #xrp #XRPCommunity
Earlier this year, as Washington continues to slap sanctions on Moscow, Russia is removing the dollar from its $186 billion National Wealth Fund. The country has announced to move towards digital euro, Chinese yuan, and gold assets. According to CNBC,
The move was announced at the St. Petersburg International Economic Forum on Thursday by Finance Minister Anton Siluanov. “Like the central bank, we have decided to reduce investments of the NWF in dollar assets,” he told reporters, according to a Reuters translation, adding that the NWF will instead invest in euro, Chinese yuan, and gold assets.
Timothy Ash, senior emerging markets sovereign strategist at BlueBay Asset Manager, described the decision to ditch U.S. dollar assets as “very political” and one that’s meant to “send a signal” to President Joe Biden’s administration ahead of the upcoming summit with President Vladimir Putin.
“The messaging is ’we don’t need the U.S., we don’t need to transact in dollars, and we are invulnerable to more U.S. sanctions,” he said in a research note following the announcement, adding that it may be read as a hint that Moscow is bracing for more US penalties.
So, not only Russia but China is also getting away from the US Dollar. The economist Stephan Roach told CNBC that the US Dollar could collapse by the end of 2021 and the economy can expect a more than 50% chance of a double-dip recession. Now the “seemingly crazed idea” that the US dollar will collapse against other major currencies in the post-pandemic global economy is not so crazy anymore. The reign of the US Dollar as the Global Reserve Currency is about to be over now and new and better systems are going to take over it.
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