Russia is investigating the establishment of a new crypto fund. Evgeny Masharov, member of the Russian Federal Public Chamber, recently announced this. The fund would be filled with confiscated cryptocurrencies, which are then used “for the benefit of the state”. This includes financing social goals such as social, ecological and educational projects.
First step towards a Russian cryptor reserve?
The news provides a lot of interest within the international crypto community. Some see the initiative as a possible first step towards an official national cryptor reserve – similar to the United States. There, confiscated Bitcoins (BTC) have since become part of the strategic reserves via an Executive Order by President Donald Trump.
Strategic cryptor reserve for the time being far away
Yet a fully -fledged cryptor reserve in Russia does not seem to be the case for the time being. The Russian Minister of Finance recently announced that there were no plans in the short term to include cryptos such as Bitcoin in the strategic state reserves. According to vice-minister Vladimir Kolychev, this is only possible if the cryptop fund represents at least 7 to 10 percent of the gross domestic product (GDP).
“From the point of view of the sovereign budget reserves, it is important for us that the assets in which these reserves have been invested can be sold very quickly and without major price reasons. Cryptoactiva are currently too volatile,” said Kolychev.
How much crypto does Russia actually have?
It is not known how much crypto Russia actually has. The government does not make information public about which wallets fall under its management. Nevertheless, analysts assume that Russia possibly owns Bitcoin for hundreds of millions of dollars. If the fund comes, it could therefore immediately have considerable resources.
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Source: https://newsbit.nl/rusland-overweegt-nieuw-crypto-fonds-voor-maatschappelijke-projecten/
