The Deputy Finance Minister of Russia, Vladimir Colettev, confirmed that the country will not add the assets of the encryption to the National Welfare Fund (NWF) at this time. In a statement to reporters, Kolychev explained that encryption assets remain very volatile and that the current level of savings in NWF does not justify risky investments.
The fluctuations that hinder the plans of coding reserves in Russia
When asked about the potential changes in the NWF investment structure, Kolychev answered, “No. Gold and the yuan.”
According to the local media ReportsKolychev also rejected the idea of creating a strategic reserve in encrypted currencies, unlike the Trump administration in the United States. “This is more than one question for the central bank. To be honest, I have not heard of such discussions.”
He stressed that with regard to the sovereign budget reserves, it is important that the assets be sold quickly without significant fluctuations in prices. “The encryption assets are a balance with the increased volatility,” Kolichev added. “We never thought about NWF for ourselves, and we are not planning to look at.”
Looking at the future, Kolychev suggested that once NWF reaches a sufficient level, less liquid and possibly profitable assets can be considered. However, repeat that at the present time, encryption fluctuations make them an inappropriate option for NWF.
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