Russia Considers Creating a Bitcoin Strategic Reserve Amid Economic Sanctions

Russia is considering the creation of a Bitcoin strategic reserve, following a proposal by Anton Tkachev, a Duma state deputy. Tkachev urged the Minister of Finance, Anton Siluanov, to assess the feasibility of creating a strategic Bitcoin reserve in Russia, similar to traditional currency reserves.

The proposal comes after the Russian economy and business were sanctioned by the U.S. Tkachev believes that Bitcoin (BTC) should be treated as any other traditional currency in the reserves, due to its borderless system and the benefits of blockchain technology.

“I ask you to assess the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the government of the federation for further implementation.”

Benefits of a Bitcoin Strategic Reserve

A Bitcoin strategic reserve would serve not only as a currency but also as an alternative instrument for storing the value of money. Unlike traditional currencies, which are threatened by inflation and sanctions, Bitcoin is not subject to these risks.

Preparations for Cross-Border Payment Settlement

The central bank has been preparing for the launch of a cross-border payment settlement for cryptocurrency, which indicates that the creation of a strategic reserve is also possible.

Global Interest in Bitcoin Strategic Reserves

Russia is not the only country considering the creation of a Bitcoin strategic reserve. U.S. President-elect Donald Trump introduced a similar initiative at the Bitcoin Conference earlier this year, and many countries have since followed suit.

In the U.S. alone, thousands of supporters have come to Congress to legalize a crypto-based national reserve. In Poland, a presidential candidate has campaigned to include Bitcoin on their balance sheet. The Surinamese presidential candidate also aims to build a strategic reserve and follow El Salvador’s footsteps to make Bitcoin a legal tender and official currency.

If the Russian government passes this proposal, it will be the first country to create a Bitcoin strategic reserve ahead of the initiator.

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