Why does Russia say 'no' to a strategic reserve of cryptocurrencies?
The Russian Ministry of Finance is not considering the creation of a strategic reserve for cryptocurrencies.
The National Welfare Fund of Russia consists of 40% gold and 60% Chinese yuan in its reserves.
The face of the cryptocurrency industry has changed significantly with support from the U.S. president. Donald Trump promised to make the United States the cryptocurrency capital of the world and is already taking steps toward that. With the anticipated establishment of a Bitcoin reserve, the cryptocurrency industry is set to achieve new horizons in the global economy.
Industry experts and market leaders believe that this move will push other countries around the world to adopt digital assets. However, it seems that Russia is not interested in adding cryptocurrencies to its reserves. According to local media, the Russian Ministry of Finance stated that it has no immediate plans to create a national reserve for digital currencies.
Interfax news agency also reported that Russia does not intend to change the structure of the National Welfare Fund (NWF). The current organizational structure of the fund contains 40% gold and 60% Chinese yuan.