Anton Tkachev, State Duma deputy from the “New People” party, formally proposed the establishment of a Strategic bitcoin Reserve (SBR). Tkachev submitted an appeal to Russian Finance Minister Anton Siluanov, advocating the creation of a bitcoin reserve analogous to the country's existing reserves in traditional currencies. The proposal has been obtained and reported by the Russian state news agency, RIA Novosti.
Will Russia build a strategic bitcoin reserve first?
The appeal explicitly requests: “I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic bitcoin reserve in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to present it to the Government of the Russian Federation for subsequent implementation,” the document reads to RIA Novosti.
Tkachev's proposal highlights the vulnerabilities associated with traditional foreign exchange reserves amid the current geopolitical instability. It highlights that reserves denominated in yuan, US dollars and euros are increasingly susceptible to volatility, sanctions and inflationary pressures, which together represent a threat to Russia's financial stability.
Addressing these challenges, the paper advocates the integration of bitcoin as alternative instruments for storing reserves, emphasizing their independence from individual national economies.
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming practically the only instrument for international trade. “The Central Bank of Russia is already preparing to launch an experiment in cross-border settlement in cryptocurrencies,” the proposal states.
The paper delves into the economic benefits and notes that bitcoin has demonstrated substantial returns compared to other investment assets. In December 2024, bitcoin's valuation reached $100,000, positioning it not only as a cost-saving mechanism but also as a lucrative investment opportunity. Tkachev presents this double advantage as a compelling reason for Russia to diversify its reserves to include bitcoin.
Tkachev's proposal comes after several nations are contemplating or actively developing an SBR. Countries such as the United States, Brazil and Poland have shown interest in similar efforts. US President-elect Donald Trump has revealed plans to establish a strategic bitcoin reserve during his election campaign, a move that may have influenced Russian authorities.
Notably, the proposal comes on the heels of a recent statement of support from Russian President Vladimir Putin. Last week, Putin stated: “Who can ban bitcoin?” Nobody. And who can prohibit the use of other electronic payment methods? Nobody. Because these are new technologies. And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.”
Earlier this year, Putin also signed legislation legalizing bitcoin and cryptocurrency mining in Russia, signaling clear government support for digital currencies. However, it remains to be seen whether Tkachev's proposal can gain traction.
Tkachev is a notable political figure in Russia and serves as first deputy chairman of the State Duma Committee on Information Policy, Information Technologies and Communications. His recent activities include proposing that Russian companies increase the use of bitcoin and other cryptocurrencies to circumvent Western sanctions. Additionally, Tkachev was involved in the regulation and legalization of industrial crypto mining in Russia.
At the time of publication, btc was trading at $97,286.
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