Russia not planning to buy up troves of bitcoin after all, government cites lack of support infrastructure

Rumours Russia planned to buy bitcoin in bulk turned out to be unfounded as government official Elina Sidorenko explains the country does not possess sufficient infrastructure to support cryptocurrencies, reports Ethereum World News.

While Russia might be interested in implementing such technology in the future, those are far-fetched plans—currently, necessary regulations regarding cryptocurrencies are not in place.

Sidorenko said in a Forklog article (translation via Ethereum World News): “Under this statement there is not a bit of common sense, much less ideas that would be considered in government circles. The Russian Federation, like any other country in the world, is simply not ready today to somehow combine its traditional financial system with cryptocurrencies. And to say that in Russia this idea can be implemented in the next at least 30 years is unlikely to be possible.”

Before any such acquisition can take place, mechanisms regulating where the assets would be stored or who would be responsible for them would need to be implemented, Sidorenko explained, referring to cryptocurrencies as “high-risk assets.”