YEREVAN (CoinChapter.com) — On March 5, 2025, Deputy Finance Minister Vladimir Kolychev confirmed that Russia’s National Wealth Fund (NWF) will not include Bitcoin or any other cryptocurrency in its reserves. While Russia recognizes digital assets, it limits their use to international trade and avoids incorporating them into sovereign wealth holdings.
Kolychev emphasized that the NWF’s investment structure will not change, with gold and the Chinese yuan remaining its primary assets.
Gold and Yuan Dominate Russia’s NWF Holdings
Speaking to Interfax, Kolychev dismissed the possibility of adding Bitcoin or other digital assets to the National Wealth Fund. He stated that the Finance Ministry has no plans to alter its investment strategy and will continue to prioritize gold and yuan for their stability and liquidity.
“No. Only gold and yuan,”
Kolychev said.
The NWF allows up to 60% of its holdings in yuan and a maximum of 40% in gold. These allocations align with Russia’s economic policies, which favor low-risk assets over volatile investments like cryptocurrencies. Kolychev also noted that he had not heard of any discussions regarding a strategic cryptocurrency reserve, a concept recently raised in the United States.
Bitcoin’s High Volatility Keeps It Out of Russia’s NWF
Kolychev explained that Russia’s National Wealth Fund must hold highly liquid assets that can be converted into cash quickly without significant losses. Bitcoin and digital assets do not meet this requirement due to their price volatility.
“From a sovereign budget reserve perspective, it is crucial that the fund’s assets are highly liquid and can be quickly sold without significant loss in value. We do not want to be in a situation where we have to sell an asset at half the price we invested in. Digital assets are highly volatile, so we have never considered them for the NWF and have no plans to do so in the future,”
Kolychev said.
He also stated that while riskier investments might be considered once the NWF reaches 7–10% of GDP, the fund is still below that level. As of Feb․ 1, 2025, the NWF held 11.97 trillion rubles ($122.09 billion), equivalent to 5.6% of Russia’s projected GDP for the year, according to the Russian Finance Ministry.
Russia’s Cryptocurrency Regulations and Bitcoin Holdings
While Russia excludes Bitcoin from the NWF, the country has taken steps to regulate cryptocurrency. In November 2024, the Russian parliament passed a law classifying Bitcoin and other cryptocurrencies as assets. The legislation introduced a 13–15% personal income tax on crypto transactions and is awaiting President Vladimir Putin’s signature.
A December 2024 report from the Bank of Russia showed that Bitcoin accounted for 69% of Russians’ total cryptocurrency holdings on exchanges as of September 2024.
Russia Uses Bitcoin for Trade but Excludes It from Reserves
Although Russia uses Bitcoin in international trade, it does not consider Bitcoin or digital assets suitable for sovereign wealth reserves. The government continues to prioritize gold and yuan, ensuring that the National Wealth Fund remains stable and liquid.
