Russian State Duma Deputy Proposes Strategic Bitcoin Reserve

Today, Russian state-owned domestic news agency, RIA Novosti, reported that State Duma Deputy Anton Tkachev proposed creating a strategic bitcoin reserve for Russia, claiming they have obtained a copy of the document.

Tkachev, from the New People party, sent the proposal to Russia’s Finance Minister, Anton Siluanov, to create a bitcoin reserve similar to Russia’s traditional currencies reserves.

“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,” the document reportedly stated. “If this initiative is approved, I ask you to submit it to the government of the Russian Federation for further implementation.”

“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 document reportedly goes on to explain.

Tkachev’s document explains that creating a strategic Bitcoin reserve could enhance Russia’s financial stability, noting that traditional currency reserves such as the dollar, euro, and yuan are all subject to inflation and sanctions, and that a new alternative independent of any individual country is needed.

This development continues the trend of countries looking to build a strategic bitcoin reserve, including the United States, El Salvador, Brazil, Poland, and others. An initiative led by the United States and President-elect Donald Trump, the U.S. is looking to build a strategic bitcoin reserve of over 1 million bitcoin, which appears to have caught the attention of certain Russian officials.

Just five days ago, Russian president Vladimir Putin publicly stated that no one can ban or prohibit the use of Bitcoin, and that it will continue to develop. Earlier this year, Putin also signed a new law legalizing Bitcoin and cryptocurrency mining within the country.

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