Russian Lawmaker Proposes Strategic Bitcoin Reserve: Report
2024-12-10
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Anton Tkachev, a State Duma deputy from the New People Party, has formally proposed establishing a strategic Bitcoin reserve in Russia.
Tkachev sent an appeal to Russian Finance Minister Anton Siluanov urging an assessment of the feasibility of creating such a reserve.Arguments in Support of the Initiative
The document, cited by local media, highlights Bitcoin’s potential as an alternative to traditional currency reserves. In the appeal, Tkachev addressed the finance minister, writing:
“I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the government of the Russian Federation for further implementation.”
His proposal outlines the challenges of reliance on traditional currencies susceptible to volatility, sanctions, and inflation. Tkachev explained that these vulnerabilities threaten Russia’s financial stability. He noted the need for innovative financial instruments, including alternative reserve assets independent of any single nation, to address modern geopolitical challenges.
The report also emphasized the rising significance of cryptocurrencies in global trade. The official noted that they have become a critical tool for nations facing sanctions and limited access to traditional payment systems. He also highlighted the Central Bank of Russia’s ongoingeffortsto trial cross-border crypto payments.
Additionally, Tkachev pointed out Bitcoin’s performance, citing itsriseto $100,000 in December 2024 as evidence of its potential as a store of value and a source of significant profits for state reserves.Putin Shows Public Support For Bitcoin
The proposition follows comments by Russian President Vladimir Putin, who supported Bitcoin during the Investment Forum in Moscow on December 4. Putin described the cryptocurrency as an “unstoppable technology” and endorsed its potential as a global reserve asset.
The president criticized the U.S. for leveraging the dollar’s dominance to enforce political agendas. He cited Western nations’ freezing of $300 billion in Russian reserves after the 2022 Ukraine war as a key factor driving countries to explore alternatives like Bitcoin.
Emphasizing the resilience of digital currencies, Putin stated that no one can ban Bitcoin or other electronic payment systems, predicting their continued development as nations seek lower costs and improved reliability.
This development aligns with a growing global trend of governments considering Bitcoin as a reserve asset. In the United States, recent months have seen increased interest in Bitcoin reserves following Donald Trump’s election win, with several states initiating related legislation.
Vancouver Mayor Ken Sim recentlyannouncedplans to incorporate Bitcoin into the city’s investment portfolio, aiming to establish it as a crypto-friendly hub.
Other international leaders, including Venezuelan opposition figure María Corina Machado and Polish presidential candidate Sławomir Mentzen, have also championed the idea of Bitcoin reserves for their respective nations.