tl;dr
Russian Deputy Finance Minister Vladimir Kolychev stated that Russia has no plans to include Bitcoin or any other cryptocurrency in the National Wealth Fund (NWF). Russia has used cryptocurrencies for international trade but does not consider them part of its national reserves, citing their high vol...
Russia has no plans to add Bitcoin or any other cryptocurrency to the National Wealth Fund (NWF). The NWF primarily holds yuan and gold, with no digital assets. Russian Deputy Finance Minister Vladimir Kolychev stated that Russia has used cryptocurrencies for international trade but does not consider them part of its national reserves due to their high volatility. Russia may consider investing in more volatile assets once the NWF reaches 7–10% of GDP. As of February 1, the NWF's volume was 11.97 trillion rubles ($122.09 billion), equivalent to 5.6% of the projected GDP for 2025.
Russia has passed a law recognizing Bitcoin and other cryptocurrencies as assets and imposing a personal income tax on crypto transactions. However, Russia has not incorporated Bitcoin into its national reserves.
Kolychev confirmed that the Finance Ministry has no intention of changing the current investment structure of the NWF, with digital assets not included due to their high volatility. He emphasized the importance of high liquidity and low risk for the fund's assets and ruled out the possibility of including digital assets in the future.
According to Kolychev, the fund may hold up to 60% in yuan and a maximum of 40% in gold. He also stated that the NWF might consider investing in less liquid and more volatile assets once it reaches 7–10% of GDP but noted that the fund is still far from that level.
Russia has taken legal steps to regulate cryptocurrency, with a law imposing a personal income tax of 13–15% on crypto transactions awaiting President Vladimir Putin’s signature to take effect. Bitcoin accounted for 69% of Russians’ total cryptocurrency holdings on exchanges in September 2024.
Russia has adopted a pragmatic approach to Bitcoin, using it in international transactions but refraining from incorporating it into national reserves.