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Russia is thinking of using the confiscated cryptocurrency in criminal proceedings “for the benefit of the state.” The country may move forward with plans to establish a government cryptocurrency fund using assets confiscated from criminal proceedings.
On 20 March 2025, Evgeny Masharov, a member of the Russian Federation’s Public Chamber Commission for public examination of bills and regulatory acts, said that a special fund could be created “on the balance of which these (confiscated) cryptocurrencies would be kept.”
Masharov insisted that the capitalization of “the fund” would increase significantly over time.
According to Masharov, on the one hand, this will help to remove criminally acquired property from circulation, on the other hand, it will have a specific purpose.
“Later, the income received from the placement of cryptocurrencies can be used for social, environmental and educational projects,” Masharov believes.
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Russia Holds Off On Including Bitcoin In Strategic Reserve, Future Reconsideration Possible
BREAKING:
RUSSIA DECLARES NO INTENTION TO INCLUDE BITCOIN IN ITS STRATEGIC RESERVES. pic.twitter.com/6NQjO8aYmP
— Ash Crypto (@Ashcryptoreal) March 5, 2025
Recently the Russian Finance Ministry revealed that it is not currently planning to include cryptocurrencies in the strategic reserve due to volatility concerns.
However, Deputy Finance Minister Vladimir Kolychev suggested that this stance could change once the fund’s liquid assets reach a level equivalent to 7-10% of Russia’s gross domestic product (GDP). “However, for now, the volatility signs are not favorable,” Kolychev said.
“From the point of view of sovereign budget reserves, it is important for us that the assets in which these reserves were invested could be sold very quickly and without a large price revaluation, so that our sale does not lead to the fact that we receive not a ruble for a ruble, but 50 kopecks for a ruble,” said Kolychev. “And crypto assets are an asset with increased volatility.”
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Key Takeaways
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Russia is thinking of using the confiscated cryptocurrency in criminal proceedings “for the benefit of the state.”
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Digital currency confiscated in criminal cases can be sent to a special fund.
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The proposal comes amid Russian officials’ progress on new legislation that would recognize cryptocurrencies as property for criminal procedure purposes.
The post Russia Contemplates “A Special Fund” For Confiscated Crypto appeared first on 99Bitcoins.
