YEREVAN (CoinChapter.com) —Economist Valentin Katasonov Warns Against National Bitcoin Reserve
Economist Valentin Katasonov warned that a national Bitcoin reserve could hurt Russia’s economy, calling it a “ticking time bomb.” Speaking to MoneyTimes.ru, Katasonov, head of the S. F. Sharapov Russian Economic Society, said any move to build a Russian crypto reserve was “like laying landmines.” He explained that Bitcoin and other cryptoassets are not proper forms of money. He described them as speculative and risky tools.
“If the bubble bursts,” said Katasonov, “everything will be fine as long as the economy holds up. But, regardless, there will still be many victims.”
He added that discussions about a Bitcoin reserve only help inflate financial bubbles, and crashes would leave behind economic damage. He said these discussions could bring instability instead of protection.
Bitcoin Reserve Advocates Called ‘Fifth Columnists’
Katasonov also criticized those promoting the Russia Bitcoin policy shift. He labeled crypto advocates as “fifth columnists,” accusing them of trying to weaken Russia’s economic safety. He said these individuals want to include digital tokens in the official economic system.
Katasonov said no country has successfully launched a working Bitcoin reserve. He mentioned the United States is still only considering it. He stressed that no government had fully implemented or proven such a reserve strategy.
He pointed to El Salvador, which started buying BTC in 2021, but noted that the International Monetary Fund (IMF) questioned the country’s decision. The IMF raised concerns about the risks tied to El Salvador’s Bitcoin program.
Central Bank Russia Opposes Bitcoin Stockpile
The Central Bank of Russia ruled out a national BTC stockpiling plan. Officials said Moscow would not hold crypto in state reserves. Instead, the Finance Ministry confirmed that Russia will continue to buy gold and Chinese yuan. The current Russia Bitcoin policy does not allow strategic crypto reserves.
Still, the ministry left open a possible change. If the National Welfare Fund reaches 7–10% of GDP, officials may consider riskier assets. The list of such assets could include crypto, but no final decision or timeline was shared.
Russian Crypto Reserve Idea Remains on the Table
Despite opposition from the Central Bank of Russia, some lawmakers continue to discuss building a Russian crypto reserve. They say doing nothing could leave Russia behind as other countries explore crypto strategies.
In December 2024, Finance Minister Anton Siluanov spoke to university students. When asked about crypto reserves, he said, “Earn less, but keep its powder dry.” His comment pointed to a cautious investment approach, favoring low-risk assets.
The Russia Bitcoin policy remains divided. While some officials oppose crypto use, others say ignoring global trends could affect Russia’s financial influence. However, no confirmed plan for a Bitcoin reserve exists.