According to Russian news agency, Anton Tkachev, Vice Chairman of the State Duma (legislative body) of Russia, has urged the Russian Finance Minister, Anton Siluanov, to consider the establishment of a strategic reserve of Bitcoin. The proposal is based on several reasons, including geopolitical instability, the vulnerability of traditional currency reserves (including the Chinese yuan, US dollar, and euro) to fluctuations, sanctions, and inflation.
After Donald Trump won the presidential election, the market’s expectations for his promised cryptocurrency policies increased, leading to Bitcoin surpassing the $100,000 mark. Furthermore, inspired by Trump’s call to “use Bitcoin as America’s reserve asset,” companies in various countries have also planned or continued to purchase Bitcoin as a reserve asset.
Following El Salvador’s precedent of adopting Bitcoin as legal tender and reserve, Russia also seems interested in including Bitcoin in its asset reserves.
Proposal to Establish a Strategic Reserve of Bitcoin
According to a report by Russian news agency, Anton Tkachev, a “New People” faction member of the State Duma, has urged the Russian Finance Minister, Anton Siluanov, to consider the establishment of a strategic reserve of Bitcoin. The content of the document obtained by the Russian news agency is as follows:
Respected Anton Siluanov, I request your evaluation of the feasibility of establishing a strategic reserve of Bitcoin in Russia, similar to the reserves held in traditional currencies. If this initiative is approved, please submit it to the Russian federal government for further implementation.
For sanctioned countries, cryptocurrency has become the only tool for international trade when access to traditional international payment systems is restricted. The Central Bank of Russia is currently preparing to launch a pilot project for cross-border cryptocurrency settlements.
Anton Tkachev’s document explains that in the context of geopolitical instability, traditional currency reserves (including the Chinese yuan, US dollar, and euro) are susceptible to fluctuations, sanctions, and inflation, posing a threat to a country’s financial stability. The current global challenges require the adoption of alternative reserve tools that are not dependent on specific countries.
Is a Rise of Digital Currency Possible in Russia?
On the other hand, according to previous reports by Dynamic Zone, during the BRICS Parliamentary Forum in mid-October, Russian President Vladimir Putin stated that the timing for creating a unified currency for BRICS countries is not yet mature and that the economic integration of BRICS countries must reach a high level before implementing a unified currency. At the same time, Putin suggested that BRICS countries could use digital currencies for investment.
Furthermore, at the Russia Calling Investment Forum, Putin expressed his views on Bitcoin and digital payments, stating that no one can ban Bitcoin:
Who can ban Bitcoin? No one can. Who can ban the use of other electronic payment methods? No one can either. Because these are all new technologies.
Considering Putin’s previous support for digital currencies, especially Bitcoin, Anton Tkachev’s proposal to include Bitcoin in Russia’s asset reserves may have a chance of being adopted by the Putin government.
