Today, Russia’s local state-owned news agency, RIA Novosti, reported: I mentioned State Duma deputy Anton Tkachev proposed creating a strategic Bitcoin reserve for Russia, claiming to have obtained a copy of the document.
Tkachev, of the New People’s Party, sent a proposal to Russia’s Finance Minister, Anton Siluanov, to create a Bitcoin reserve similar to Russia’s traditional currency reserves.
JUST IN: Russian State Duma deputy Anton Tkachev proposed creating a strategy #Bitcoin Reserve in Russia, reports RIA Novosti 🇷🇺 pic.twitter.com/PlwSp24RvF
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2024
“I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic reserve of bitcoin in Russia by analogy with the country’s reserves in traditional currencies,” the document reads. “If this initiative is approved, I ask you to submit it to the Government of the Russian Federation for further implementation.”
“Under conditions of limited access to traditional international payment systems for sanctioned countries, cryptocurrencies have become almost the only instrument of international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency,” the document said.
Tkachev’s document explains that creating a strategic reserve of Bitcoin could enhance Russia’s financial stability, noting that reserves of traditional currencies such as the dollar, euro and yuan are all subject to inflation and sanctions, and that a new alternative is needed that is independent of any individual country.
This development continues the trend of countries looking to build a strategic reserve of Bitcoin, including… US, El Salvador, Brazil, Polandet al. Under an initiative led by US President-elect Donald Trump, the US is looking to build a strategic bitcoin reserve of more than 1 million bitcoins, which has apparently caught the attention of some Russian officials.
Just five days ago, Russian President Vladimir Putin publicly stated that no one can ban or prevent the use of Bitcoin, and that it will continue to develop. Earlier this year, Putin also signed a new law authorizing Bitcoin and cryptocurrency mining within the country.
Urgent: 🇷🇺 Russian President Putin says "Who can ban #Bitcoin? no one." pic.twitter.com/6mJ664BZZ8
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024