Russian Finance Ministry ‘Would Consider Building Crypto Reserve’ – On One Condition

The Russian Finance Ministry says it has no immediate plans to build a national strategic crypto reserve, but has claimed that this could change if a key condition is met.

The ministry said the National Welfare Fund (NWF)’s level of liquid funds should be topped up to reach a level equivalent to 7-10% of Russia’s GDP before Moscow considers buying “riskier” assets like crypto.

Russian Crypto Reserve: Could Moscow Start Buying BTC?

Per the Russian media outlets Interfax and RBC, the claims came from the Russian Deputy Finance Minister Vladimir Kolychev, who claimed that the ministry “is not currently considering” buying or holding crypto in the NWF “due to its high volatility.”

When questioned on the matter, Kolychev said that the ministry would “not” make changes in the structure of the NWF’s investments.

He said that the fund would continue to focus exclusively on gold and Chinese yuan holdings.

Media outlets say that 60% of the fund is made up of yuan, with the remaining 40% in gold reserves.

However, Kolychev said it would be “possible to consider riskier assets” when the NWF reaches Moscow’s 7%-10% target.

“When we get there, we will be able to think about different assets, including crypto. However, for now, the volatility signs are not favorable.”

Russian Deputy Finance Minister Vladimir Kolychev

Kolychev added that Russia is still “far” from reaching its desired levels of reserves. And that is why Moscow will only countenance buying gold and yuan reserves for the time being.

We Need Liquidity, Says Deputy Finance Chief

The Deputy Finance Minister said the fund’s assets “must be liquid and not subject to sharp revaluations.” He added:

“When we sell our reserves, the sales should not result in us receiving 50 kopeks for each ruble we invested, instead of a ruble for each ruble’s worth of our assets.”

The comments come just months after Russian Finance Minister Anton Siluanov told university students who asked him about creating a Russian crypto reserve that the Treasury needed to “earn less, but keep its powder dry.”

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Central Bank’s Final Say

Kolychev concluded by saying that he was not party to any “discussions about creating a cryptocurrency reserve in Russia” similar to Washington’s own strategic crypto reserve fund.

He claimed that final decisions on such matters would be taken by the Russian Central Bank.

As previously reported, the Russian Central Bank Governor Elvira Nabiullina is a known crypto-skeptic. Nabiullina has tried on multiple occasions to orchestrate a total, China-style ban on crypto in Russia.