• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Russia’s Putin questions the need for dollar forex reserves, touts bitcoin

by December 4, 2024
written by December 4, 2024

MOSCOW (Reuters) – Russian President Vladimir Putin on Wednesday questioned the need to hold state reserves in foreign currencies since they could easily be confiscated for political reasons, saying that domestic investment of such reserves was more attractive.

Western countries froze about $300 billion of Russian reserves, accumulated from windfall energy revenues, at the start of the Ukraine war in 2022. Discussions are ongoing among G7 countries on how these funds could be used to support Ukraine.

“A legitimate question: why accumulate reserves if they can be lost so easily?” Putin said in remarks to an investment conference. He suggested that investment of state savings into infrastructure, logistics, science and education was more reliable than holding them in foreign assets.

Putin said the current U.S. administration was undermining the role of the U.S dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.

“For example, bitcoin, who can prohibit it? No one,” Putin said. He added that development of new payment technologies was inevitable, due to their lower costs and reliability.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Mexico announces 12% boost to minimum wage to combat poverty
next post
Fed’s Musalem expects more rate cuts, keeping options open on December meeting

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • San Francisco mayor-elect taps OpenAI CEO Sam Altman for transition team
    • GSR III Acquisition Corp Prices 20M Unit IPO at $10/unit

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy