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Anton Tkachev of the New People party and a deputy of the State Duma has urged the government to add Bitcoin to the list of reserve currencies.
In an appeal to Finance Minister Anton Siluanov, he urged the adoption of Bitcoin in addition to fiat currencies such as the dollar, euro, and yuan.
The proposal is consistent with the recent Russian moves towards improved regulation of cryptocurrencies. And diversification away from the traditional monetary framework.
<h2 class="wp-block-heading" id="h-tkachev-urges-the-use-of-bitcoin-reserves-to-support-russia-s-economy">Tkachev Urges the Use of Bitcoin Reserves to Support Russia’s Economy</h2>
In his appeal, Tkachev pointed at traditional currency reserve threats, such as sanctions, inflation, and volatility.
He also elaborated that as <a href="https://www.thecoinrepublic.com/2024/12/10/bitcoin-is-the-future-of-money-says-cz-binance-at-bitcoin-mena/" rel="noopener noreferrer nofollow">Bitcoin</a> is completely decentralized and an independent currency, it provides a perfect solution for maintaining the financial security of Russia. Tkachev noted,
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 “In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only international trade.”
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The lawmaker brought up the idea of creating a Bitcoin reserve similar to state reserves of traditional money.
He asked Finance Minister Siluanov to evaluate the practicality of the initiative and present it to the Russian government.
Tkachev’s appeal rises when the Central Bank of Russia considers using cryptocurrencies for cross-border payments. This hints at the desire for higher monetary freedom.
President Vladimir Putin has also expressed support for cryptocurrency adoption, recently stating that Bitcoin cannot be banned or restricted.
This stance aligns with the government’s growing interest in digital currencies as a means to counteract-sanctions and maintain economic stability.
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f7-1f1fa.png" alt="🇷🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> Russian Parliament Deputy just proposed to create a Strategic <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Reserve in Russia WILD TIMES! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/uBcyEGoTVa" rel="noopener noreferrer nofollow">pic.twitter.com/uBcyEGoTVa</a>— Vivek <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1866187921856090397?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 9, 2024</a>
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<h2 class="wp-block-heading" id="h-bitcoin-as-a-hedge-against-inflation-and-sanctions">Bitcoin as a Hedge Against Inflation and Sanctions</h2>
Tkachev emphasized the need for alternative reserve assets to address the challenges posed by global economic uncertainty.
The traditional reserves such as the USD, EUR, and CNY are subject to inflation and political influence. This makes them volatile in the current global environment.
However, bitcoin is a digital currency free from external manipulation providing countries that are locked out financially the much-needed stability.
He also highlighted the ability of Bitcoin to perform as an investment asset. He pointed out that it rose to $100,000 in December 2024.
This also defines Bitcoin as not only a store of value but also potentially the most valuable reserve asset.
The idea of a Bitcoin reserve is not unique to Russia. El Salvador, which adopted Bitcoin as legal tender in 2021, has accumulated over $554 million worth of BTC, with unrealized profits exceeding 120%.
Other nations, including the United States and Brazil, are exploring similar strategies. This underscores the growing global adoption of Bitcoin as a strategic financial asset.
<h2 class="wp-block-heading" id="h-russia-s-crypto-regulations-and-future-prospects">Russia’s Crypto Regulations and Future Prospects</h2>
Russia as a nation has shown increased interest in cryptocurrency in the recent past with several significant regulatory achievements set in the country. This year, for instance, the government made Bitcoin mining legal.
Cryptocurrency transactions have also been exempted from VAT, and profits from crypto activities are now taxed at 15%, similar to securities.
Tkachev’s proposal correlates with these developments and indicates a change in Russia’s stance on digital assets.
With the planned experiments of the Central Bank of Russia for cross-border cryptocurrency payments, the position of Bitcoin will become more entrenched in the Russian financial market.
Using Bitcoin, Russia intends to circumvent the financial system dominated by the US and other Western countries and build a stronger economy.
It has also drawn a parallel with discourse in the United States in which President-elect Donald Trump has been speculated to have an interest in launching a national Bitcoin reserve.
The post <a href="https://www.thecoinrepublic.com/2024/12/11/russia-considers-strategic-bitcoin-reserve-to-strengthen-financial-stability/" rel="noopener noreferrer nofollow">Russia Considers Strategic Bitcoin Reserve To Strengthen Financial Stability</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Russia Considers Strategic Bitcoin Reserve To Strengthen Financial Stability

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