Anton Tkachev, a member of Russia’s State Duma and part of the New People party, has suggested creating a strategic Bitcoin reserve. This reserve would be similar to how the country holds traditional currencies like the dollar, euro, and yuan.
This idea, reported by the state-owned news agency RIA Novosti, aims to boost Russia’s financial stability. It would also provide a new tool to navigate sanctions and economic challenges.
A New Kind of Reserve
In a letter to Finance Minister Anton Siluanov, Tkachev explained the need for a Bitcoin reserve. He urged the minister to study whether this move could work for Russia and, if approved, to present it to the government for action. The proposal claims Bitcoin isn’t tied to any country, making it less vulnerable to inflation and sanctions.
JUST IN: Russian State Duma Deputy Anton Tkachev proposed creating a strategic #Bitcoin reserve in Russia, RIA Novosti reports 🇷🇺 pic.twitter.com/PlwSp24RvF
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2024
Tkachev points out that Bitcoin could help Russia bypass restrictions on international payments. With sanctions limiting global payment access, crypto is becoming a key tool for international trade. Russia’s Central Bank is testing cross-border crypto payments, making this proposal a logical next step.
What’s Next?
Traditional currency reserves may lose value over time due to inflation or get frozen due to sanctions. Bitcoin , however, operates on a decentralized network, making it harder for any single country to control. Tkachev sees this as a way for Russia to strengthen its finances and reduce reliance on Western financial systems.
David Tawil: Whether or not we get a🇺🇸 US Strategic Bitcoin Reserve, there are other countries around the world like 🇧🇷 Brazil, 🇵🇱 Poland, 🇷🇺 Russia and even Pennsylvania who are all considering it.
They’ll start to buy and we will have a hard time keeping the price down. pic.twitter.com/IhMYw80Sw3
— Bitcoin News (@BitcoinNewsCom) December 6, 2024
If the proposal gains traction, it could signal a significant shift in how nations approach financial reserves. While Russia isn’t the first country to consider Bitcoin as part of its strategy, Tkachev’s plan would put it in the driver’s seat of this trend. This move could also encourage other countries under sanctions to explore similar strategies.
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