Key Points
- Russian Duma state deputy, Anton Tkachev, has proposed the creation of a Bitcoin strategic reserve in Russia.
- The proposal follows similar initiatives in the US, led by President-elect Donald Trump.
Anton Tkachev, a deputy of Russia’s Duma state, has called on Finance Minister Anton Siluanov to consider establishing a strategic reserve of Bitcoin (BTC) in the country. This comes in the wake of economic and business sanctions imposed on Russia by the US.
Proposal for a Bitcoin Reserve
Tkachev’s proposal suggests treating Bitcoin in the same way as traditional currencies within the reserve, citing the borderless nature of blockchain technology.
“I ask you to assess 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 submit it to the government of the federation for further implementation,” Tkachev was quoted saying on the RIA Novosti local news platform.
The proposed reserve would not only function as a currency but would also serve as an alternative means of storing monetary value. While traditional currencies are vulnerable to inflation and sanctions, Bitcoin is not.
Tkachev also pointed out that the central bank is preparing to launch a cross-border payment settlement system for cryptocurrency, suggesting that a Bitcoin reserve is a feasible prospect.
Global Trend Towards Bitcoin Reserves
The idea of a Bitcoin reserve was first introduced by US President-elect Donald Trump at a Bitcoin Conference earlier in July. The proposal was well-received by the crypto community and has since inspired similar initiatives in other countries.
In the US, thousands of supporters have been lobbying Congress to legalize a crypto-based national reserve. In Poland, a presidential candidate has also campaigned for the inclusion of Bitcoin in the country’s balance sheet.
The presidential candidate in Suriname has expressed intentions to establish a strategic reserve and follow El Salvador’s example by making Bitcoin a legal tender and official currency.
Should the Russian government approve Tkachev’s proposal, it would be the first country to establish a Bitcoin strategic reserve, even ahead of the US, where the idea was first proposed.