New statements came from the Governor of the Central Bank of Russia, where important steps have been taken regarding the use of Bitcoin and cryptocurrencies.
Speaking at a press conference today, Central Bank of Russia Governor Elvira Nabiullina said that the central bank has no plans to add cryptocurrencies such as Bitcoin to its reserves.
Describing cryptocurrencies like Bitcoin as risky and unstable, Nabiullina noted that high volatility makes crypto unsuitable as a means of payment or store of value.
Nabiullina, who closed the door on the idea of Bitcoin reserves and crypto, said:
“For us, the most important features of reserve money are liquidity, minimal exposure to credit and market risks, and the ability to use this money quickly and in large quantities without experiencing significant loss of value in times of crisis.
Bitcoin and cryptocurrencies do not meet these requirements, so there are no plans to add Bitcoin to the reserves.
“While cryptocurrencies may have value as a personal investment, their volatility makes them unsuitable for payments and as a store of value.”
It will be recalled that Russian Civil Chamber member Evgeny Masharov proposed using Bitcoin and other crypto assets seized from criminal activities to create a government-backed cryptocurrency fund.
It was stated that the primary purpose of this fund will be to generate revenue for the government and support various social projects.
Despite the Russian Central Bank’s reservations, cryptocurrencies continue to be used in many areas in Russia.
Related News
Russia Uses Bitcoin (BTC) and These Two Altcoins in Trade with China!
*This is not investment advice.
