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Strategic Bitcoin Reserve Russia

Strategic Bitcoin Reserve Proposed by Russian State Duma Deputy

Jake Simmons
by Jake Simmons
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Anton Tkachev, a State Duma deputy from the “New People” party, has formally proposed the establishment of a Strategic Bitcoin Reserve (SBR). Tkachev submitted an appeal to the Russian Minister of Finance, Anton Siluanov, advocating for the creation of a Bitcoin reserve analogous to the country’s existing reserves in traditional currencies. The proposal has been obtained and disclosed by the Russian state-owned news agency, RIA Novosti.

Will Russia Build A Strategic Bitcoin Reserve First?

The appeal explicitly requests, “I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic reserve of Bitcoin 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,” according to the document made available to RIA Novosti.

Tkachev’s proposal underscores the vulnerabilities associated with traditional foreign exchange reserves amid ongoing geopolitical instability. He highlights that reserves denominated in the yuan, US dollars, and euros are increasingly susceptible to volatility, sanctions, and inflationary pressures, which collectively pose a threat to Russia’s financial stability.

Addressing these challenges, the document advocates for the integration of Bitcoin as alternative instruments for reserve storage, emphasizing their independence from individual national economies.

“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency,” the proposal states.

Related Reading: Will Amazon Buy Bitcoin? Shareholders Propose 5% Investment

The document further elaborates on the economic benefits, noting that Bitcoin has demonstrated substantial returns compared to other investment assets. As of December 2024, Bitcoin’s valuation reached $100,000, positioning it not only as a cost-saving mechanism but also as a lucrative investment opportunity. This dual advantage is presented by Tkachev as a compelling reason for Russia to diversify its reserve holdings to include Bitcoin.

Tkachev’s proposal comes after several nations are contemplating or actively developing a SBR. Countries such as the United States, Brazil, and Poland have shown interest in similar endeavors. The United States, President-elect Donald Trump, has revealed plans to establish a strategic Bitcoin reserve during his election campaign, a move that may have influenced Russian policymakers.

Notably, the proposal comes on the heels of a recent supportive statement from Russian President Vladimir Putin. Just last week, Putin asserted ”Who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies. And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.”

Related Reading: Sell Gold, Buy Bitcoin – Michael Saylor’s Bold Advice To The US

Earlier in the year, Putin also signed legislation legalizing Bitcoin and crypto mining within Russia, signaling a clear governmental endorsement of digital currencies. However, if Tkachev’s proposal can gain traction, remains to be seen.

Tkachev is a notable political figure in Russia, serving as the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications. His recent activities include proposing that Russian businesses increase their use of Bitcoin and other cryptocurrencies to circumvent Western sanctions. Moreover, Tkachev was involved in the regulation and legalization of industrial crypto mining in Russia.

At press time, BTC traded at $97,286.

Bitcoin price
BTC recovers above $97,000, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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