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Russia Signals Openness to Bitcoin Reserve, But Timing Not Right
In a surprising turn of events, Russia has hinted at the possibility of establishing a strategic Bitcoin reserve in the future. However, according to Finance Minister Anton Siluanov, the time is not yet ripe for such an endeavor.
During a lecture at the Financial University in Moscow, Siluanov expressed Russia’s openness towards creating a Bitcoin reserve, citing the potential profits that cryptocurrencies can offer. The Minister noted that investors who had put their money into Bitcoin at the beginning of the year could have seen significant returns due to its volatile nature.
Despite acknowledging the vast profits that crypto investments can generate, Siluanov emphasized the Russian state’s reluctance to expose its reserves to the risks associated with cryptocurrency. He stated, “And it is better to earn less, but keep, you know, as they say, your powder dry.”
It remains unclear when Russia would reconsider its stance on creating a Bitcoin reserve, but for now, the country appears to be taking a cautious approach. The statement by Siluanov highlights broader concerns among global powers regarding the potential risks and volatility of cryptocurrencies.
In related news, Japan has also dismissed the idea of establishing a national Bitcoin reserve, citing the high risks involved in holding digital currencies.
Source: www.crypto-news-flash.com
