Announcement from the Central Bank of Russia regarding Bitcoin and Cryptocurrency! "Is there a plan for BTC reserves?"

Important statements have been made by the President of the Central Bank in Russia, where significant steps have been taken regarding the use of Bitcoin and crypto coins.

In a press conference held today, Central Bank of Russia President Elvira Nabiullina stated that the central bank has no plans to add cryptocurrencies like Bitcoin to its reserves.

Nabiullina, who describes cryptocurrencies like Bitcoin as risky and unstable, stated that high volatility makes crypto unsuitable as a means of payment or store of value.

Nabiullina, who closed the door to the idea of Bitcoin reserves and crypto, said the following:

"For us, the most important features of reserve money are liquidity, minimal exposure to credit and market risks, and the ability to use this money in large amounts and quickly without experiencing significant loss of value during crisis periods.

Bitcoin and cryptocurrencies do not meet these. Therefore, there is no plan to add Bitcoin to reserves.

Although cryptocurrencies can hold value as a personal investment, their volatility makes them unsuitable for payments and as a store of value.

It will be remembered that Evgeny Masharov, a member of the Russian Civil Chamber, suggested using Bitcoin and other crypto assets seized from criminal activities to create a government-backed cryptocurrency fund.

The primary aim of this fund is stated to be generating income for the government and supporting various social projects.

Despite the concerns of the Central Bank of Russia, cryptocurrencies continue to be used in many areas in Russia.