The Russian parliament believes that it is too early to form cryptocurrency reserves

The cryptocurrency market has been in turmoil for several days now following the emergence of messages from US President Donald Trump on continuing work on creating the country's cryptocurrency strategic reserve.

The event has spurred discussions about implementing similar initiatives in other countries. On March 3, the co-founder of the cryptocurrency exchange Gemini Cameron Winklevoss called on the authorities of Russia and other countries to establish own state bitcoin funds.

The head of the State Duma Committee on Financial Markets, Anatoly Aksakov, clarified the attitude of Russian legislators towards such ideas.

Anatoly Gennadievich, how do you assess the initiative of US President Donald Trump to create a national cryptocurrency reserve?

Let's see how this works for the Americans. It is quite possible that they have some developments that allow them to look more boldly at the use of these instruments for the formation of national reserves.

So, we will be watching what Trump's team is doing now, but how interesting do you think the initiative itself is?

I would say that, firstly, it is interesting, and secondly, it is a reflection of the development of financial markets and financial assets. Cryptocurrencies and digital financial assets have appeared precisely because technologies and new instruments are developing in the market. We can say that this is another stage in the development of financial markets and the currency market.

Is a similar initiative possible in Russia?

We are still studying the situation. It is too early to say that we are ready to form cryptocurrency reserves.

But is this issue being discussed in our State Duma, with members of the government?

We have discussed this in general. An experimental legal regime has been launched, which allows the use of cryptocurrencies in international settlements. All this is done for the purpose of, firstly, more efficient trade with foreign countries, payment for goods and services. Secondly, we are accumulating experience, which is important so that it can be used in the future.

We have a distributed registry, and we are moving well in this direction. The distributed registry is actively developing, including a distributed ruble. The process is ongoing, we are studying it. What the results will be, life will show.

How did you perceive the exchange co-founder's address? Gemini established by the Russian government Bitcoin-fund?

There will be many calls now, many wishes. The market is developing, proposals will be constantly heard. We will study, we will work. And we are already working in reality, developing these technologies, introducing them into our lives. They are gradually being used more and more to service our economy.

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