Today, the Russian state news agency RIA Novosti reported that Anton Tkachev, a member of the State Duma of the New People party, has proposed the establishment of a strategic Bitcoin reserve for Russia. Tkachev has sent this proposal to the Russian Finance Minister, Anton Siluanov, with the aim of building a Bitcoin reserve similar to Russia's traditional currency reserves.
According to the document reportedly sent to the Ministry of Finance, Tkachev stated:
"I propose that Anton Germanovich assess the feasibility of creating a strategic Bitcoin reserve in Russia similar to the state's traditional currency reserves. If this initiative is approved, I hope you will submit it to the Government of the Russian Federation for further implementation."
The document also explains that, in the context of Russia being restricted from accessing traditional international payment systems due to sanctions, cryptocurrencies are becoming the almost sole tool for conducting international trade transactions. The Central Bank of Russia is now ready to experiment with cross-border transactions using cryptocurrencies.
Tkachev argues that the creation of a strategic Bitcoin reserve could strengthen Russia's financial stability, emphasizing that traditional currency reserves such as the US dollar, euro, and renminbi are vulnerable to inflation and sanctions. Therefore, Russia needs an independent alternative that is not dependent on any country.
Tkachev's initiative reflects the global trend of building strategic Bitcoin reserves. Countries such as the US, El Salvador, Brazil, and Poland have taken steps to accumulate Bitcoin. Notably, the US, under the leadership of President-elect Donald Trump, is reportedly aiming to build a strategic reserve of up to 1 million Bit, which seems to have caught Russia's attention.
President Putin's Stance on Bit
Just five days ago, Russian President Vladimir Putin stated that no one can ban or stop the use of Bit and affirmed that cryptocurrencies will continue to develop. Earlier this year, he also signed a new law that legalized Bit and cryptocurrency mining in Russia.
Russia's consideration of building a strategic Bit reserve marks a new step in its efforts to counter economic sanctions and strengthen its financial self-sufficiency on the international stage.
