Anton Tkachev, a State Duma deputy from Russia’s “New People’s” party, has proposed establishing a strategic Bitcoin reserve in Russia, citing its potential as a hedge against geopolitical instability and financial sanctions. The proposal was submitted to Finance Minister Anton Siluanov, RIA Novosti reported. In his official application, Tkachev called on the Ministry of Finance to assess the feasibility of creating a Bitcoin reserve, similar to state reserves of traditional currencies such as the US dollar, euro and yuan. If approved, the initiative will be submitted to the Russian government for further evaluation. Tkachev said traditional reserve currencies are increasingly vulnerable to volatility, sanctions and inflation, posing risks to Russia’s financial stability. In contrast, Bitcoin and other cryptocurrencies offer an independent reserve option that is not tied to any country or financial system. “In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming almost the only tool for international trade,” Tkachev said, noting that the Central Bank of Russia is already preparing to launch experiments on cross-border cryptocurrency settlements. Related News: Bitcoin and Cryptocurrencies are Declining - Here are the Estimates of the Decline and the Latest Situation Tkachev noted Bitcoin’s impressive performance as an investment asset in recent years, suggesting that with BTC set to reach $100,000 in December 2024, it offers not only the potential for a store of value but also significant returns. “The introduction of a strategic Bitcoin reserve could provide Russia with a new financial instrument that can both preserve value and generate profit,” the document said. *This is not investment advice. Continue Reading: A Deputy in Russia Presented a Plan to Establish a “Strategic Bitcoin Reserve” to the Parliament
