The Central Bank of Russia has announced its decision not to include cryptocurrencies such as Bitcoin in its reserve assets. Governor Elvira Nabiullina emphasized the high volatility and risk of crypto assets.
Cryptocurrencies Not for Reserves
At a conference in St. Petersburg, Central Bank Governor Elvira Nabiullina stated that Bitcoin and similar assets are not considered reserve currencies. She labeled them volatile and risky, noting that cryptocurrencies are unsuitable for the central bank's investment reserves.
"We don’t see cryptocurrencies as stable or reliable enough for inclusion in our reserves," Nabiullina said, emphasizing their unpredictability.
Limited Opportunities for Cryptocurrencies
Despite continuing to reject the use of cryptocurrencies for domestic payments, the central bank allows their use in foreign economic activities and investments, particularly by experienced traders and institutions. However, the message remains clear: digital assets will not replace rubles or gold anytime soon.
Future of Digital Assets in Russia
Cryptocurrencies may play certain roles at the fringes of Russia’s economic strategy, but their application remains limited. The central bank continues to cite high volatility and imposes restrictions, indicating a cautious approach towards digital assets in the country.
Thus, despite the opportunities for cryptocurrency use in specific areas, the Central Bank of Russia reaffirms its stance on excluding them from reserves. Elvira Nabiullina highlighted the need for caution regarding the high risks associated with crypto assets.