Russian State Duma Deputy Proposes Strategic Bitcoin Reserve

Russian State Duma Deputy Proposes Strategic Bitcoin Reserve

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Today, Russian national news agency RIA Novosti reported that State Duma deputy Anton Tkachev proposed creating a strategic bitcoin reserve for Russia, claiming to have 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 traditional Russian currency reserves.

“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,” the document reads. “If this initiative is approved, I ask you to submit it to the Government of the Russian Federation for further implementation.”

“Under conditions of limited access to traditional international payment systems for sanctioned countries, cryptocurrencies are becoming practically the only tool for international trade. The Russian Central Bank is already preparing to launch an experiment in cross-border cryptocurrency payments,” the document reads.

Tkachev’s paper explains that creating a strategic Bitcoin reserve could improve Russia’s financial stability, pointing out that traditional currency reserves such as the dollar, euro and yuan are all subject to inflation and sanctions and that a new alternative independent of every single country.

This development continues the trend of countries seeking to build a strategic bitcoin reserve, including the United States, El Salvador, Brazil, Poland and 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 some 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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