Russia has been progressing towards crypto with every passing day. The Russian officials at various instances have opined in favor of cryptocurrencies.
With 2022 nearing its end, various prominent personalities have shared their projections for the coming year. In a recent incident, Dmitry Medvedev – a Russian politician who served as the president of the country from 2008 to 2012 and as the prime minister from 2012 to 2020 has advocated for crypto. He said that he could foresee 2023 to be witnessing a crash of the mega financial institutions like the International Monetary Fund (IMF) and the World Bank.
Elaborating on the subject, he said that the Bretton Woods System could fall apart in the coming year, triggering the collapse of the world’s leading financial institutions. The Bretton Woods System is a set of unified rules and policies that provided the framework necessary to create fixed international currency exchange rates. Essentially, the agreement called for the newly created IMF to determine the fixed rate of exchange for currencies around the world.
As per Medvedev, such an event could also reduce the power of the world’s leading fiat currencies, that is the euro and the American dollar. He says with the collapse of the IMF they might lose their dominance as global reserve currencies, hence boosting the use or adoption of cryptocurrencies and digital assets in large.
“The Bretton Woods system of monetary management will collapse, leading to the IMF and World Bank crash. Euro and Dollar will stop circulating as the global reserve currencies. Digital fiat currencies will be actively used instead.”
Various other personalities have voted in favor of Medvedev’s comment including Justin Sun, the founder of the Tron cryptocurrency network and Grenada’s ambassador to the World Trade Organization (WTO). Grenada is an island country in the West Indies in the Caribbean Sea at the southern end of the Grenadines island chain.
Sun agreed with Medvedev’s “insightful comment” and highlighted politician’s theory commenting that the crypto sector has the potential to “revolutionize the global reserve currency.”
In a following tweet, Sun highlighted the scenario in China wherein the crypto adoption is on the rise in the country while the reopening of the borders after the recent COVID-19 wave and the strength of the economy are positive signs for the future of the country’s monetary system.
The politician’s comments had few other predictions as well, some of them being very bizarre. He predicted that the United Kingdom could soon join the European Union (EU), and the largest stock market and main economic activity could shift from the United States and Europe to Asia.
Russian officials have previously looked upon Crypto and digital assets at multiple occasions to end the dominance of the dollar in the international market. In November, Boris Titov, commissioner for entrepreneurs’ rights under the Russian president in his visit to Cuba made statements on the use of crypto. He said that the governments of both nations are looking forward to the use of Russian rubles and cryptocurrencies to facilitate cross-border cooperation.
Russia was initially against the use of cryptocurrencies in the nation but with the sanctions imposed on it due to the ongoing geopolitical tensions, it started allowing crypto for cross-border payments.