New Cold War Over 'Bitcoin hegemony'...Russia also moves to stockpile

[Anchor]
Following the U.S., Russia is also moving to stockpile virtual currencies and Bitcoin as strategic assets.

Bitcoin is eyeing it as a breakthrough for survival after it was excluded from the international payments system after the war in Ukraine.

I'm a YouTube reporter on the report.

[Reporter]
In November last year, Trump explicitly threatened the BRICS, a coalition of emerging economies led by China and Russia.

BRICS earlier formalized the establishment of a separate payment system through the 'Kazan Declaration'.

Trump has warned that he will retaliate with "100% tariffs" if he challenges dollar hegemony, such as creating a new currency.

However, Russia, which is in desperate need of survival right now, does not care.

Russian companies began using Bitcoin for trade payments last month, and announced that they would expand further from this year.

[Russian President Vladimir Putin/December last year: In addition to the ruble and yuan, the central bank's electronic capabilities will also be utilized. Currently, central bank experts from both countries are actively working.

The Russian House of Representatives even proposed stockpiling Bitcoin as a strategic asset.

It's a similar initiative to Trump's presidential pledge.

Although the Federal Reserve has put the brakes on the revision of the law, Trump's willingness to dominate the Bitcoin market seems solid.

The industry interprets Bitcoin as a strategy to increase demand for U.S. government bonds by expanding the stablecoin market linked to the dollar as leverage.

[Daniel Ives U.S. Wedbush Securities Co., Ltd.: Whether Bitcoin is included in the U.S. bank reserve is a big question.]

A situation in which one side looks to Bitcoin to protect dollar hegemony, the other side to crack dollar hegemony,

But it's still unclear whether the two sides will be in a full buying race.

If bitcoin prices fluctuate depending on a plethora of variables, excessive competition may have fatal consequences for the financial system as a whole.

I'm a YTN YouTube reporter.



Video editing; Lim Hyun-chul

Design;Eun