Bank

United

Bitcoin

Million

Reserve

<ul class="wp-block-list">
 <li>The State Duma Deputy proposes a Bitcoin reserve to bolster Russia’s financial stability.</li>
 <li>Bitcoin’s decentralized nature helps bypass geopolitical sanctions effectively.</li>
</ul>
Anton Tkachev, a State Duma deputy from the New People party, sent an official proposal to Finance Minister Anton Siluanov, <a href="https://ria.ru/20241209/rezerv-1988201715.html" target="_blank" rel="noopener noreferrer nofollow">urging</a> the government to consider Bitcoin an alternative reserve asset. In his appeal, Tkachev argued that traditional currency reserves, including the dollar, euro, and yuan, face risks like inflation, sanctions, and volatility.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeG7Hz9LT2YKLRQJkNH-t9Q0ZUkvciXFki7gkWt4KM3dBdH3fioNuFGYrPPLA2z39fd0RJ8ki2phWuns4BB6OjRQWlmbmpSZAM--2yTDTyR-NyWejkPMJWzed-amk1qPY2mp-EInw?key=FueR7eLTQM16KtisT2usSBhy" alt="">
 </figure>
</div>
He highlighted Bitcoin’s decentralized nature as a way to bypass international financial systems controlled by individual countries. This makes Bitcoin a resilient option for storing value and conducting international trade under sanctions.
Tkachev noted that the Central Bank of Russia is already preparing an experiment to use cryptocurrencies for cross-border settlements. He emphasized that Bitcoin could serve as a hedge against economic pressures, providing an independent instrument for reserve storage.&nbsp;
With limited access to traditional <a href="https://thenewscrypto.com/australia-seizes-6m-in-crypto-linked-to-international-crime/" target="_blank" rel="noopener noreferrer nofollow">international </a>payment systems, cryptocurrencies have become crucial for countries under sanctions. Bitcoin’s performance as an investment asset further strengthens its appeal.&nbsp;
<h3 class="wp-block-heading" id="h-russia-aligns-with-global-shift">Russia Aligns with Global Shift&nbsp;</h3>
Globally, other nations are also exploring Bitcoin reserves. The United States, led by President Donald Trump, has announced plans to build a strategic Bitcoin reserve. This initiative has inspired other countries, including<a href="https://thenewscrypto.com/central-bank-of-brazil-considers-ban-on-stablecoin-wallet-transfers/" target="_blank" rel="noopener noreferrer nofollow"> Brazil </a>and Poland, to follow suit.
Russian officials seem to align with this global trend as they aim to secure economic stability through digital currencies. Earlier this year, <a href="https://x.com/KremlinRussia_E" target="_blank" rel="noopener noreferrer nofollow">President</a> Vladimir Putin legalized BTC mining and acknowledged Bitcoin’s role in modern finance. He recently declared that no one could ban or prohibit Bitcoin’s development, signalling strong support for digital currencies. Highlighted Crypto News Today <a href="https://thenewscrypto.com/bhutan-transfers-40-million-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bhutan Transfers $40 Million in Bitcoin</a>

Russian State Duma Proposes Creating a Strategic Bitcoin Reserve

Table of Contents

TheNewsCrypto

Other articles published on Dec 10, 2024

Trust Wallet 101: Your Complete Guide to Mobile Crypto Management

Cardano Price Prediction Today: What’s Next After 17% Dip?

First Abu Dhabi Bank Partners with Libre Capital for Blockchain-Based Collateralized Lending

Best NFT Marketplaces to Buy, Sell, and Trade Digital Art in 2024

Argentina Approves Crypto ETFs For Local Stock Market Use

Web3Bay token projects 4250% ROI amid major Monero partnership and AVAX updates

Join our free newsletter for daily crypto updates!