Anton Tkachev, a State Duma deputy from the New People’s Party, officially proposed the creation of a Strategic Bitcoin Reserve (SBR). Tkachev submitted an appeal to Russia’s Finance Minister, Anton Siluanov, calling for the creation of a Bitcoin reserve similar to the country’s current reserves of traditional currencies. The proposal was obtained and revealed by Russia’s state-owned news agency. RIA Novosti.
Will Russia build a strategic bitcoin reserve first?
The appeal explicitly requests the following: “I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic reserve of Bitcoin in Russia by analogy with the state’s 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 available to RIA Novosti.
Tkachev’s proposal highlights the vulnerabilities associated with traditional foreign exchange reserves amid ongoing geopolitical instability. It highlights that reserves denominated in the yuan, US dollar and euro are increasingly vulnerable to volatility, sanctions and inflationary pressures, which together pose a threat to Russia’s financial stability.
In the face of these challenges, the document calls for the integration of Bitcoin as alternative instruments for reserve storage, emphasizing their independence from individual national economies.
“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 with cryptocurrencies,” the proposal states.
The document goes into more detail about the economic benefits, noting that Bitcoin has shown significant returns compared to other investment assets. As of December 2024, Bitcoin’s valuation has reached $100,000, making it not only a cost-saving mechanism but also a lucrative investment opportunity. Tkachev presented this dual advantage as a compelling reason for Russia to diversify its reserve holdings to include Bitcoin.
Tkachev’s proposal comes after several countries are considering creating or actively developing an SBR system. Countries such as the United States, Brazil and Poland have shown interest in similar endeavors. US President-elect Donald Trump revealed plans to create a strategic reserve of Bitcoin during his election campaign, a move that may have influenced Russian policymakers.
It is worth noting that this proposal comes in the wake of a recent supportive statement issued by Russian President Vladimir Putin. And just last week, Putin asserted: “Who can ban Bitcoin? Nobody. And who can ban the use of other electronic payment methods? Nobody. Because these are new technologies. And whatever happens to the dollar, these tools will develop in one way or another, because everyone will They strive to reduce costs and increase reliability.
Earlier in the year, Putin also signed legislation authorizing Bitcoin and cryptocurrency mining within Russia, indicating a clear government endorsement of digital currencies. However, it remains to be seen whether Tkachev’s proposal will be accepted.
Tkachev is a prominent political figure in Russia, where he serves as First Deputy Chairman of the State Duma Committee on Information Policy, ICTs and Communications. His recent activities include suggesting that Russian companies increase their use of Bitcoin and other cryptocurrencies to circumvent Western sanctions. Furthermore, Tkachev was involved in the regulation and legalization of industrial cryptocurrency mining in Russia.
At press time, Bitcoin was trading at $97,286.
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