Michaela
Valentin Katasonov, the Chairman of the S. F. Sharapov Russian Economic Society and a Doctor of Economics, has urged caution over Russia establishing a crypto reserve, warning of potential economic risks.
The Russian economist argued that cryptocurrency is not a legitimate form of money but rather a speculative asset that could threaten economic stability, according to local media outlet MoneyTimes. Katasonov likened the idea of establishing a national crypto reserve to “laying landmines” in Russia.
“This is a means of inflating bubbles. If the bubble bursts, it will be good if the economy holds up, but there will still be many victims,” Katasonov stated.
Katasonov also argued that the risks of cryptocurrencies persist despite the narratives promoting their benefits. He went further by labeling advocates for integrating crypto into Russia’s official economic system as part of a “fifth column,” suggesting they may have intentions to weaken the country’s financial security.
Furthermore, Katasonov addressed the idea of a national crypto reserve, noting that while some countries, including the United States, have explored the possibility of establishing Bitcoin reserves, the concept remains far from being practically implemented.
Katasonov’s cautious stance on cryptocurrency aligns with that of Russia’s Central Bank Governor Elvira Nabiullina, who recently proposed a ban on crypto transactions between residents. Under the plan, such transactions would only be permitted within Russia’s experimental legal framework, reinforcing the government’s restrictive approach to digital assets.
Trump Signs Bitcoin Reserve
Early this month President Donald Trump signed an Executive Order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both funded by cryptocurrency seized in government criminal cases.
The reserve and the stockpile are part of an initiative to manage digital assets seized through law enforcement actions. This move aims to integrate Bitcoin and other cryptocurrencies into the nation’s financial strategy while ensuring these assets are handled securely.
Under the directive establishing these reserves, federal agencies have been instructed to report on their current digital asset holdings and assess their authority to transfer seized assets into these funds. The Department of the Treasury has been tasked with reviewing the economic and legal implications of maintaining such reserves and may propose legislation to refine the policy further.
This initiative reflects a growing recognition of Bitcoin and other digital assets as financial instruments with strategic value. It also signals a shift in U.S. policy away from rapid liquidation of confiscated crypto assets, opting instead for long-term management that could align with national economic interests.
Read More
- Strategic Bitcoin Reserve Draws Fire: ‘Nothing New,’ Critics Say
- Russia’s Central Bank Proposes Experimental Legal Regime for Crypto
- Russian Officials Uncover Illegal Crypto Mining Farm in Orphanage
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
