Recently, there has been a groundbreaking proposal from Russian State Duma Deputy Anton Tkachev to create a strategic bitcoin reserve for Russia. According to a report by RIA Novosti, Tkachev, a member of the New People party, presented the proposal to Russia’s Finance Minister, Anton Siluanov, suggesting the establishment of a bitcoin reserve similar to Russia’s traditional currency reserves.
JUST IN: Russian State Duma Deputy Anton Tkachev proposed creating a strategic #Bitcoin reserve in Russia, RIA Novosti reports 🇷🇺 pic.twitter.com/PlwSp24RvF
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2024
In his proposal, Tkachev emphasized the need for a strategic bitcoin reserve to enhance Russia’s financial stability. He pointed out that traditional currency reserves like the dollar, euro, and yuan are susceptible to inflation and sanctions, highlighting the necessity for an alternative independent of any individual country.
The document further elaborated on the importance of cryptocurrencies in facilitating international trade, especially for countries facing restrictions from traditional payment systems due to sanctions. Tkachev also mentioned that the Central Bank of Russia is planning to conduct an experiment on cross-border settlements using cryptocurrency.
This move aligns with the global trend of countries exploring the creation of strategic bitcoin reserves. Nations like the United States, El Salvador, Brazil, and Poland have shown interest in building such reserves, with the U.S. aiming to accumulate over 1 million bitcoin under an initiative spearheaded by President-elect Donald Trump.
Notably, Russian President Vladimir Putin recently declared that Bitcoin cannot be banned or prohibited, emphasizing its continued development. Earlier this year, Putin signed a law legalizing Bitcoin and cryptocurrency mining in Russia, signaling the country’s growing acceptance of digital assets.
BREAKING: 🇷🇺 Russian President Putin says “Who can ban #Bitcoin? Nobody.” pic.twitter.com/6mJ664BZZ8
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
The potential establishment of a strategic bitcoin reserve in Russia reflects the country’s forward-thinking approach towards embracing digital currencies and ensuring financial sovereignty in a rapidly evolving economic landscape.