Russia's new BTC Reserve Policy

     Russia has introduced a new reserve policy, which includes intentions for converting stolen Bitcoin into state money. This policy is based on a legal precedent established in a bribery case, in which about 1,032 BTC were successfully confiscated and delivered to the Treasury.

Public Reaction

     Converting the seized bitcoins into government money can also create fear among Russian BTC hodlers that the government may confiscate their BTC. This can lead to secretive use among people and the importance of altcoins in place of BTC. On the other hand, the Russian government is considering crypto-ETF offerings to avoid such a situation.

From Russia, with Bitcoin

     Russia could interfere in international crypto regulation via its BTC reserves. Russia has already successfully fought off international sanctions with the help of Bitcoin, and this reserve would give Russia some ability to influence the global crypto market, particularly the price of Bitcoin, which could encourage international competition in crypto-based economic models.

Originally Published at Wubits