Amid growing cryptocurrency reserve adoption, Russian activists push for a potential crypto fund.
Masharov's Proposal
Evgeny Masharov, a member of the Russian Civic Chamber, proposed creating a government cryptocurrency fund including assets confiscated from criminal proceedings. According to a TASS report from March 20, Masharov stated that proceeds from the fund could be used for social, environmental, and educational projects.
Crypto Asset Seizure in Russia
Masharov's proposal came amid new legislation on recognizing cryptocurrencies as property for criminal procedures in Russia. Alexander Bastrykin, the Chairman of Russia’s Investigative Committee, indicated a related draft bill was sent to the government for consideration. “Cryptocurrencies confiscated as part of criminal proceedings must work for the benefit of the state,” Masharov commented.
Position of the Bank of Russia
The idea of a potential social crypto fund in Russia may resemble initiatives like the Bitcoin strategic reserve, which aims to hold confiscated BTC. Meanwhile, Russia’s central bank governor, Elvira Nabiullina, strongly opposed the idea of investments in crypto by the Bank of Russia, stating that “Cryptocurrency investment doesn’t make any sense for the Central Bank in terms of preserving value since it’s a very volatile asset.”
Considering the long history of crypto asset seizure legislation in Russia, the proposed fund could be a significant step forward. However, the Bank of Russia's position remains cautious.
