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Today, the Russian state news agency, RIA Novosti, reported that State Duma deputy Anton Tkachev proposed creating a strategic bitcoin reserve for Russia, claiming that they obtained a copy of the document.
Tkachev of the New People party sent the proposal to Russian Finance Minister Anton Siluanov to create a bitcoin reserve similar to Russia's traditional currency reserves.
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JUST IN: Russian State Duma deputy Anton Tkachev proposed creating a strategy <a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin reservation in Russia, reports RIA Novosti pic.twitter.com/PlwSp24RvF
– bitcoin Magazine (@BitcoinMagazine) <a target="_blank" href="https://twitter.com/BitcoinMagazine/status/1866228528603177330?ref_src=twsrc%5Etfw”>December 9, 2024
“I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic reserve of bitcoins in Russia by analogy with state reserves in traditional currencies,” the document says. “If this initiative is approved, I ask you to present 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 practically the only instrument for international trade. “The Central Bank of Russia is already preparing to launch a cross-border settlement experiment in cryptocurrencies,” the document reportedly goes on to explain.
Tkachev's paper explains that the creation of a strategic bitcoin reserve could improve Russia's financial stability, noting that reserves of traditional currencies such as the dollar, euro and yuan are subject to inflation and sanctions, and that a new alternative independent of any individual country.
This development continues the trend of countries looking to build a strategic reserve of bitcoins, including the <a target="_blank" href="https://x.com/BitcoinMagazine/status/1854647625775034475″>USA, <a target="_blank" href="https://bitcoin.gob.sv/”>El Salvador, <a target="_blank" href="https://x.com/BitcoinMagazine/status/1861463534804091359″>Brazil, <a target="_blank" href="https://x.com/BitcoinMagazine/status/1858240384528273590″>Polandand others. An initiative led by the United States and President-elect Donald Trump, the United States is seeking to build a strategic bitcoin reserve of more than 1 million bitcoins, 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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BREAKING: Russian President Putin says "Who can prohibit? <a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin? Nobody." pic.twitter.com/6mJ664BZZ8
– bitcoin Magazine (@BitcoinMagazine) <a target="_blank" href="https://twitter.com/BitcoinMagazine/status/1864311299766714608?ref_src=twsrc%5Etfw”>December 4, 2024
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