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Anton Tkachev, a State Duma deputy from the “New People” party, has formally proposed the establishment of a Strategic Bitcoin Reserve (SBR). Tkachev submitted an appeal to the Russian Minister of Finance, Anton Siluanov, advocating for the creation of a Bitcoin reserve analogous to the country’s existing reserves in traditional currencies. The proposal has been obtained and disclosed by the Russian state-owned news agency, RIA Novosti.
Will Russia Build A Strategic Bitcoin Reserve First?
The appeal explicitly requests, “I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic reserve of Bitcoin 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 Russian Federation for further implementation,” according to the document made available to RIA Novosti.
Tkachev’s proposal underscores the vulnerabilities associated with traditional foreign exchange reserves amid ongoing geopolitical instability. He highlights that reserves denominated in the yuan, US dollars, and euros are increasingly susceptible to volatility, sanctions, and inflationary pressures, which collectively pose a threat to Russia’s financial stability.
Addressing these challenges, the document advocates for the integration of Bitcoin as alternative instruments for reserve storage, emphasizing their independence from individual national economies.
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency,” the proposal states.
The document further elaborates on the economic benefits, noting that Bitcoin has demonstrated substantial returns compared to other investment assets. As of December 2024, Bitcoin’s valuation reached $100,000, positioning it not only as a cost-saving mechanism but also as a lucrative investment opportunity. This dual advantage is presented by Tkachev as a compelling reason for Russia to diversify its reserve holdings to include Bitcoin.
Tkachev’s proposal comes after several nations are contemplating or actively developing a SBR. Countries such as the United States, Brazil, and Poland have shown interest in similar endeavors. The United States, President-elect Donald Trump, has revealed plans to establish a strategic Bitcoin reserve during his election campaign, a move that may have influenced Russian policymakers.
Notably, the proposal comes on the heels of a recent supportive statement from Russian President Vladimir Putin. Just last week, Putin asserted ”Who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies. And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.”
Earlier in the year, Putin also signed legislation legalizing Bitcoin and crypto mining within Russia, signaling a clear governmental endorsement of digital currencies. However, if Tkachev’s proposal can gain traction, remains to be seen.
Tkachev is a notable political figure in Russia, serving as the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications. His recent activities include proposing that Russian businesses increase their use of Bitcoin and other cryptocurrencies to circumvent Western sanctions. Moreover, Tkachev was involved in the regulation and legalization of industrial crypto mining in Russia.
At press time, BTC traded at $97,286.
Featured image created with DALL.E, chart from TradingView.com
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