Russian opposition leader Alexei Navalny raised 595 BTC in donations!

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Alexei Navalny, a Russian politician who is the main opponent of Vladimir Putin, has raised more than 595 BTC in donations! This amount of Bitcoin has been gathered over the last three years. 

The Navalny Wallet

You can see the wallet address to raise donations listed on the donations page in the Navalny 2018 presidential campaign website.

The very first donation was in 2016, and since then there have been over 2100 transactions overall. This wallet has been actively withdrawing all the funds received. At one point, someone very generous had donated 20 BTC, but at the moment, this wallet is empty.

Russian television raises awareness

This week, a Russian television network Tsargrad TV highlighted these donations. Since Navalny’s political movement often binds with uncovering corruption documents on several Russian officials, the TV network questioned the legitimacy of these donations. Navalny is known for exposing corruption within Russian officials which include the Russian prime minister Dimitri Medvedev and Yuri Chaika. He even has an investigative center called the Anti-Corruption Foundation (FBK).

Not long after that, an anonymous Telegram channel “FBK Staffer’s Confession” pointed out that the wallet received several large donations a few days before the FBK published yet another investigation. The Russian media claims that it could be a paid piece. The FBK’s chief of staff denies any connection between the transactions and their investigations.


Photo by Wikimedia Commons

Russia thinking about replacing USD with Bitcoin

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Referring to recent news by Micky, it seems like Russia is seriously considering investing in Bitcoin. This could happen as early as next month, told Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration. 

Bypass U.S. Sanctions

One of the main reasons why Russia considers such a move, would be because of new sanctions by the U.S., or EU. Vladislav Ginko believes that these next sanctions could possibly trigger Russia moving their cash reserves into Bitcoin.

“Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it,” says Vladislav continuing “because of US sanctions Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins.”

Russia expects new sanctions by the U.S. Government in February this year.

A possible huge price reaction for Bitcoin

If Russia is seriously considering to diversify their Dollar reserves, this could potentially mean a huge price increase for Bitcoin. Ginko is talking about several billion dollars. And that is massive for Bitcoin, as its current daily volume, according to, is about $5 billion. Ginko believes that soon a lot of other countries will do the same, and that “Russia has a brilliant chance to invest into heavily oversold Bitcoin.”

Russian president Vladimir Putin stated on November 2018, that Russia is seeking for alternative reserve currencies. Also, Russia is working closely with China, to develop a new transaction system which would be independent of the U.S. Dollar.

Russia neither positive nor negative about cryptocurrencies

Vladimir Putin along with Russia has never quite condemned cryptocurrencies. The Russian president is one of the few world leaders who hasn’t publicly condemned Bitcoin or crypto in general. Of course, he has stated that investors must be careful operating with these currencies as there are “serious risks” surrounding crypto. Moreover, there were claims of Russia having its own cryptocurrency last year. Putin backed these claims saying “Central Bank of the Russian Federation considers cryptocurrency neither a means of payment, nor a store of value”. Also, he mentioned that this would not be possible by definition. 


Putin: “Russia will not have its own cryptocurrency”

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On June 7th, the 16thannual “Direct line” session with president Vladimir Putin covered a few cryptocurrency questions. Russian blogger Artem Khokholikov asked the president three questions. Putin replied to these questions rather negatively. When asked if, cryptocurrencies could ever replace real-world fiat, he noted that although practice shows that Japan has adopted crypto as a payment, “it doesn’t work in other countries”. “Central Bank of the Russian Federation considers cryptocurrency neither a means of payment, nor a store of value,” says Putin.

Russia’s state cryptocurrency

Moreover, when asked if Russia could have its own cryptocurrency, Putin said that by definition it is not possible. Onwards he mentioned crypto mining as something that Russia does not regulate, but “treats it very carefully”.

In the end, he added that Russia must keep an eye on the world developing technical phenomenon. They have to look into how cryptocurrency could be used in the means of avoiding restrictions regarding the international financial activity. Some say it’s a reference to the potential use of cryptocurrencies to avoid sanctions from other countries. 

As these might be news for some, In my humble opinion this could be Russia’s praxis so far.