Russia Rules Out Bitcoin in National Reserves
On March 5, 2025, Russian Deputy Finance Minister Vladimir Kolychev made it clear that Russia has no plans to add Bitcoin or any other cryptocurrency to the National Wealth Fund (NWF).
So far, Russia has accepted and utilized cryptocurrencies as a practical financial tool for international trade. However, it does not consider them part of its national reserves and is cautious about its long-term strategic role.
NWF holds: mainly RMB and gold, no digital assets
According to Interfax, Kolychev confirmed that the Treasury has no intention to change the current investment structure of the NWF. In particular, due to the high level of digital assets volatility.
When asked if it is possible to change the investment structure of the NWF, Kolychev responded firmly:
“No. There is only gold and yuan,” he statement.
Interfax reports that the fund can accommodate up to 60% of the RMB and gold can accommodate up to 40%. Kolychev also said he hadn’t heard of it Any discussion About the establishment of Russia Strategic cryptocurrency reserves– The Trump administration put forward ideas in the United States.
In addition, he stressed that high liquidity and low risk are key factors in determining assets held in the NWF. Due to its extreme volatility, digital assets do not meet these standards.
“From the perspective of sovereign budget reserves, it is crucial that the fund’s assets are highly liquid and can be sold quickly without causing substantial losses. We do not want to sell assets at half the price we invested in. Digital assets are highly volatile, so we never considered NWF and we have no plans to do so in the future,” Kolychev Explained.
Kolychev also noted that once the NWF reaches 7–10% of GDP, the NWF may consider investing less liquids and more volatile assets. However, he said the fund is far from that level. As of February 1, the number of national wealth funds reached 11.97 trillion rubles (US$122.09 billion), equivalent to 5.6% of the estimated GDP in 2025 Report From the Russian Ministry of Finance.
Meanwhile, Russia has taken legal steps to regulate cryptocurrencies. In late November 2024, the Russian Parliament passed a law Identify Bitcoin and other cryptocurrencies as assets. Law collects personal income Tax 13-15% Regarding crypto transactions, the signature of President Vladimir Putin is waiting for the entry into force.
According to December 2024 Report Russian banks accounted for 69% of the total Russian stock holdings on the exchange in September 2024.
So far, Russia has adopted a pragmatic Bitcoin approach International transactions Respond to sanctions, but avoid inclusion in national reserves.
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