Evgeny Masharov, a member of Russia's Civic Chamber, proposed forming a government cryptocurrency fund from assets confiscated in criminal proceedings. The fund aims to generate government revenue and fund social projects.
Masharov's Initiative
Evgeny Masharov suggested that the cryptocurrency fund proceeds could be used for social, environmental, and educational projects. He also mentioned that the market capitalisation of the many seized crypto assets could 'rise significantly over time,' advocating for the creation of a dedicated fund to manage these assets.
Response to Legislative Changes
Masharov's proposal came after Russian legislation started recognizing cryptocurrencies as property for criminal procedure laws. Alexander Bastrykin, chairman of the Investigative Committee of Russia, announced that a related draft bill was under consideration. Masharov emphasized that cryptocurrencies confiscated during criminal proceedings should benefit the state.
Bank of Russia's Position
While Masharov's idea is under discussion, the Bank of Russia introduced a plan allowing wealthy investors to trade crypto assets over a three-year period. However, Elvira Nabiullina, governor of Russia's central bank, expressed skepticism about investing in cryptocurrencies, calling them highly volatile assets unfit for internal payments.
The proposal for a state cryptocurrency fund in Russia highlights growing attention to regulating crypto assets. However, discussions among various state and financial institutions continue, and there is no clear outcome on the future of such initiatives.
