Russia does not plan to hold budget reserves in bitcoins

This was stated by Anatoly Aksakov, head of the State Duma Committee on Financial Markets, as reported by "Parlamentskaya Gazeta".

The official explained this decision by the high volatility of the cryptocurrency and its technical characteristics.

"Bitcoin is backed by private individuals, and it is still unclear what the process for its emission is. The exchange rate of bitcoin as a private currency fluctuates significantly. I would approach this instrument with caution, so I do not see it as necessary to create any reserves, especially in our budget," said Aksakov.

He added that the state will not soon adopt the use of bitcoin in the budgetary process.

"We are still far from that. I do not even see in the distant future that bitcoin can become a sought-after currency that circulates within our country," the official added.

Earlier, the Ministry of Industry and Trade stated that retail chains in Russia need at least two years to prepare for the launch of operations with the digital ruble.