Central Bank of Russia will Hold Bitcoin [BTC] Reserves Predicts Analyst

By Nivesh Rustgi
Published June 19, 2019 Updated June 19, 2019
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Central Bank of Russia will Hold Bitcoin [BTC] Reserves Predicts Analyst

By Nivesh Rustgi
Published June 19, 2019 Updated June 19, 2019

Reportedly, Russian lawmakers, the State Duma is expected to finalize a bill on Digital Financial Assets within two weeks. They have already held discussions on the bill once and seem to have received positive votes from the house. Deputy Finance Minister of Russia, Alexei Moiseyev said,

“Now we are looking at the text [of the bill on digital financial assets] and within two weeks, I hope, we will come out for adoption in the second reading,”

As reported earlier on Coingape, the Russia Federation had passed a bill on digital currencies which introduced as a series of norms for the citizens to follow.

Currently, they are working on implementing the complete set of laws around cryptocurrencies and ICOs. Russia might be one of the few nations to allow ICOs under its crowdfunding laws. Moiseyev also added,

“Within the framework of this concept, ICO regulation was approved. second reading, “

Also Read: Report Reveals How Russian Operators Used Bitcoin to Interfere 2016 US Presidential Election

The Regulatory Environment in Russia around cryptocurrencies and Bitcoin has been quite receptive compared to other nations. France also keeps a neutral attitude towards cryptocurrencies and ICOs. US, India, China and many other nations are against ICOs as they are either Ponzi schemes or based on wrong fundamentals of being a security or a cryptocurrency. However, Russia has planned to allow them unobstructedly.

A country which promotes a range of cryptocurrencies and blockchain projects can soon be expected to be inclined to hold Bitcoin [BTC]. Mati Greenspan, the Senior Market Analyst at eToro noted,

“The CBR [Central Bank of Russia] will be holding BTC reserves within 2 years. Mark my words.”

Currently, Russia holds 4554 billion US Dollars in Central Bank Reserve. If Greenspan’s prediction holds true and Russia assigns even 1% of its reserve value to Bitcoin [BTC], it’s market capitalization would increase by $45.5 billion.

Do you agree with Greenspan’s views given the current regulatory environment in Russia? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com