Source: Cointelegraph Original: "{title}"

Against the backdrop of increasing acceptance of cryptocurrency reserves in countries like the United States, legal activists in Russia are pushing for the creation of a potential cryptocurrency fund.

Evgeny Masharov, a member of the Russian Civic Chamber, proposed the establishment of a government cryptocurrency fund that would incorporate assets confiscated from criminal proceedings.

According to a report by the Russian local news agency TASS on March 20, Masharov stated that the anticipated cryptocurrency fund aims to generate revenue for the government and target social projects.

He reportedly said, "The proceeds from the cryptocurrency fund could subsequently be used for social, environmental, and educational projects."

"Confiscated cryptocurrency should benefit the state"

As Masharov made this proposal, Russian officials are advancing new legislation to classify cryptocurrency as property within criminal proceedings.

According to a report by the Russian local news agency RBC on March 19, Alexander Bastrykin, head of the Russian Investigative Committee, stated that a related draft bill has been submitted to the government for review.

Commenting on the proposed legislation, Masharov said, "Cryptocurrency confiscated as part of criminal proceedings must benefit the state."

Evgeny Masharov, member of the Russian Civic Chamber. Source: Oprf.ru

Masharov stated, "To this end, a special fund could be established to include cryptocurrency in its balance sheet." He also confidently expressed that the market value of many confiscated crypto assets "will significantly increase over time."

Russian authorities have been confiscating crypto assets for years

Before Masharov proposed converting confiscated crypto assets into resources beneficial to the state, Russia had been developing relevant legislation for many years.

Since at least 2021, Russian prosecutors have been advocating for legal measures to enable the government to confiscate cryptocurrency obtained from criminal activities, but a clear framework has yet to be established.

Meanwhile, the Russian government has not missed the opportunity to seize millions of dollars worth of cryptocurrency from illegal cases, which sometimes involve law enforcement officials. Clearly, the current Russian laws do not provide standards for where and how these funds should be allocated.

Russian central bank governor opposes cryptocurrency

The idea of Russia potentially establishing a social cryptocurrency fund sounds similar to initiatives like the U.S. Bitcoin (BTC) strategic reserve, which currently specifically targets holding confiscated Bitcoin.

At the same time, Elvira Nabiullina, the governor of the Russian central bank, has previously strongly opposed the idea of the central bank potentially investing in cryptocurrency.

Excerpt from the U.S. strategic Bitcoin reserve briefing. Source: White House

Reportedly, Nabiullina stated in December 2024, "From a value preservation perspective, investing in cryptocurrency makes no sense for the central bank, as it is a highly volatile asset."

Related: Reports indicate that Russia is using Bitcoin and Tether to conduct oil trades with China and India.

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