For now, Russia has no plans to include Bitcoin or other cryptocurrencies in its national reserves, citing volatility and liquidity concerns. However, the country isn’t completely shutting the door on digital assets for the future, according to Deputy Finance Minister Vladimir Kolychev.

Russia Prioritizes Stability Over Crypto

While the United States is taking steps toward creating a strategic crypto reserve, Russia is moving in the opposite direction. The country has deliberately kept digital assets out of its National Wealth Fund (NWF)—a sovereign fund designed to stabilize the economy and support the pension system.

On March 4, Russian news agency Interfax reported that the Finance Ministry has no intention of altering the investment structure of the NWF. According to Kolychev, the fund’s current size doesn’t justify high-risk investments like crypto.

Currently, the NWF’s allocation consists of:

Up to 60% in Chinese yuan
40% in gold

This clearly reflects Russia’s preference for stable, highly liquid assets over speculative ones. Kolychev emphasized the importance of liquid state reserves:

“For sovereign budget reserves, it’s crucial that assets can be quickly traded without major price fluctuations. We don’t want a situation where we get 50 kopecks per ruble instead of a full ruble. Plus, crypto assets are extremely volatile.”

He also noted that ideally, the NWF should hold 7% to 10% of Russia’s GDP in low-risk, liquid assets that can be easily sold. However, at present, the fund’s percentage is well below that target.

Unlike the United States, Russia has no immediate plans to establish a strategic crypto reserve.

Could Russia’s Stance on Crypto Change?

Despite its cautious approach, Russia isn’t completely ruling out crypto investments in the future. Kolychev hinted at a possible shift in strategy down the road:

“Once the NWF reaches a certain threshold, we could consider less liquid but potentially more profitable assets—including cryptocurrencies. But to be honest, current volatility levels are far from ideal.”

These statements indicate that while Russia currently sees crypto as too risky, it hasn’t slammed the door shut. Instead, it’s keeping an eye on the market—waiting for the right moment to step in.