Russian Legislator Proposes Strategic Bitcoin Reserve: Report

Anton Tkachev, deputy of the State Duma from the New People's Party, proposed to establish a strategic Bitcoin reserve in Russia.

Tkachev sent an appeal to Russian Finance Minister Anton Siluanov to assess 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 his appeal, Tkachev wrote to the finance minister:

“Dear Anton Germanovich, I ask you to evaluate the feasibility of creating a strategic bitcoin reserve in Russia, synchronizing it with state reserves in traditional currencies. If this initiative is accepted, I ask you to submit it to the Government of the Russian Federation for further implementation. “

His proposal outlines the challenges of relying on traditional currencies that are vulnerable to volatility, sanctions and inflation. Tkachev said these vulnerabilities threaten Russia's financial stability. He pointed out the need for new financial instruments, including alternative reserve assets independent of any country, to address modern geopolitical challenges.

The report also emphasized the increasing importance of cryptocurrencies in international trade. The authority has become a critical tool for countries that are subject to sanctions and have limited access to traditional payment systems. He also highlighted Russia's central bank's efforts to test cross-border crypto payments.

Tkachev also pointed to Bitcoin's performance as a store of value potential and a source of high profits for state reserves, noting that it will reach $100,000 by December 2024.

Putin shows public support for Bitcoin

The proposal follows comments from Russian President Vladimir Putin, who endorsed Bitcoin during an investment forum in Moscow on December 4. Putin described cryptocurrency as an “unstoppable technology” and confirmed its potential as a global reserve currency.

The president criticized the US for using the dominance of the dollar to pursue political agendas. In the year He cited the freezing of $300 billion in Russian reserves after the 2022 Ukraine war as a key reason for Western countries to explore alternatives such as bitcoin.

Emphasizing the resilience of digital currencies, Putin said no one can block Bitcoin or other electronic payment systems, predicting their continued growth as countries look for lower costs and improved reliability.

This development is in line with the growing global trend of governments considering Bitcoin as a reserve asset. In the United States, following the election of Donald Trump in recent months, interest in Bitcoin stocks has increased, with several states passing related laws.

Vancouver Mayor Ken Sim recently announced plans to include Bitcoin in his city's investment portfolio, aiming to make it a crypto-friendly hub.

Other world leaders, including Venezuelan opposition Maria Corina Machado and Polish presidential candidate Esławomir Mentzen, have encouraged Bitcoin reserves for their countries.