On March 5, 2025, Vladimir Colsv, the Deputy Minister of Russian, made it clear that Russia had no plans to add bitcoin or other cryptocurrencies to the National Wealth Fund (NWF).
So far, Russia has accepted and used Cryptocurrencies as a practical financial tool in international trade. However, they do not consider some of the national reserves and remain cautious about long -term strategic roles.
NWF Holdings: Mainly comfortable, gold, no digital assets
According to Interfax, KOLYCHEV has confirmed that the Treasury has no intention of changing the current investment structure of NWF. In particular, digital assets are not included due to high volatility.
When asked if there was a possibility of changing the NWF investment structure, Kollychev responded firmly.
“No. Only gold and yuan,” he said.
Interfax reported that the fund could have up to 60%and gold up to 40%in comfort. KOLYCHEV also said that Russia has never heard of the discussion of establishing a strategic cryptocurrency protection area.
He also emphasized that the liquidity and low risks with high fluidity are important factors in determining assets held by NWF. Digital assets do not meet these standards due to extreme volatility.
“From a sovereignty budget reservation, the fund’s assets are very liquid and can be sold quickly without a significant loss of value. We do not want to be in a situation where we have to sell assets in half of the prices we invest. Digital assets have high volatility, so I have never considered NWF and have no plans to do so, ”Kollychev explained.
KOLYCHEV also mentioned that when NWF reaches 7-10%of GDP, NWF can consider investing in less liquid and more volatile assets. But he said that the fund is still at that level. As of February 1, the amount of National Wealth Fund reached 11.97 trillion rubles ($ 122 billion), and according to the Russian Treasury report, it is 5.6%of the expected GDP in 2025.
Russia, meanwhile, took legal measures to regulate cryptocurrency. At the end of November 2024, the Russian Parliament passed a law that recognized Bitcoin and other cryptocurrencies as assets. The law imposes 13-15%of personal income tax on encryption transactions and is waiting for President Vladimir Putin’s signature.
According to a December 2024 report by the Russian bank, Bitcoin accounted for 69%of the Russian total cryptocurrency in September 2024.
Until now, Russia has adopted a practical approach to Bitcoin to respond to sanctions to cope with sanctions in international transactions, but refrained from integrating it into national reserves.
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