While cryptos divide world geopolitics, Russia draws a singular path. Vladimir Putin, while recognizing the intangibility of Bitcoin, opposes a categorical refusal to its integration into national reserves. A position that contrasts with that of Donald Trump, a fervent defender of a Crypto-Soveraine America. Between technological fascination and strategic prudence, Moscow plays a subtle balance on the digital chessboard.
Strategic prudence: gold and yuan above all
Russia does not put on Bitcoin to secure its economic future. Vladimir Kolychev, Vice-Minister of Finance, recalled it bluntly: the National Fund for Wealth (NWF) favors physical gold and yuan.
With 60 % of Chinese currencies and 40 % precious metal, Moscow locks its reserves against market turbulence. “Digital assets are too volatile for a sovereign fund,” insists Kolychev. A choice that reflects an implacable logic: liquidity takes precedence over the bait of gain.
With 11,970 billion rubles (122 billion dollars), the NWF represents 5.6 % of the Russian GDP projected for 2025. A ratio deemed too low to take risks. “Below 7 to 10 % of GDP, any exposure to speculative assets would be irresponsible,” said the financial expert.
Putin, himself, had tempered the ardor in 2021: “Bitcoin has a value, but its instability makes it unfit for oil trade. »»
This distrust is not new. As of 2017, the Kremlin framed the cryptos to limit laundering. Reinforced regulation in 2022 by the prohibition of crypto payments.
However, behind these barriers hides a more nuanced reality: Russia discreetly uses Bitcoin to circumvent sanctions. A paradox that reveals a double relaxation strategy. If Moscow brakes on both feet on domestic bitcoin, its interest in blockchain reveals a wider ambition.
Blockchain yes, Bitcoin no
Vladimir Putin does not reject the Blockchain revolution. His meeting in 2017 with Vitalik Buterin, founder of Ethereum, testified. The Russian president already saw in this technology a lever of influence. A vision that matured: in 2024, Russia has acquired a legal framework to exploit digital assets … without giving in to the speculative frenzy.
“No one can prohibit Bitcoin,” said Putin in December 2024. A shock sentence that summarizes his philosophy: impossible to ignore cryptos, but imprudent to adopt them without control.
Thus, Moscow encourages Blockchain infrastructure to modernize its key sectors (energy, logistics), while muffling their consumer use. An approach that serves two masters: technological innovation and ruble stability.
On the international scene, Bitcoin becomes a bypass weapon. Faced with Western sanctions, Russia uses it for cross-border transactions, in particular with Asian partners or the Middle East. A discreet, but vital tactic to maintain trade flows. Internally, however, the Kremlin camps on its guard: there is no question of letting cryptos threaten its monetary control.
The Russian position on Bitcoin is a clever mixture of realism and distrust. While Trump dreams of American reserves in crypto, Putin relies on gold, yuan and a domesticated blockchain.
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