Catenaa, Wednesday, December 18, 2024 – A Russian lawmaker has proposed the creation of a national Bitcoin reserve, citing the cryptocurrency as a hedge against sanctions, inflation, and traditional currency volatility.
The proposal, spearheaded by State Duma deputy Anton Tkachev of the New People Party, was submitted to Finance Minister Anton Siluanov for assessment.
Tkachev’s plan argues that Bitcoin offers a secure alternative to conventional reserve assets, especially for nations facing limited access to international financial systems.
The move aligns with global trends, including discussions in the United States about Bitcoin as a reserve asset during Donald Trump’s presidential campaign.
Highlighting Bitcoin’s December price surge to $100,000, Tkachev suggested its potential for significant profits and resilience amid geopolitical uncertainties. He also cited ongoing trials of cross-border crypto payments by the Central Bank of Russia as a step toward broader adoption.
Russian President Vladimir Putin recently endorsed cryptocurrencies, describing Bitcoin as an “unstoppable technology” during a December 4 investment forum. Putin emphasized its decentralization as a safeguard against geopolitical risks, particularly referencing Western nations freezing $300 billion in Russian reserves following the 2022 Ukraine conflict.
Russia has recently softened its stance on crypto with favorable regulations, recognizing cryptocurrencies as property and exempting mining and sales from value-added tax (VAT). This policy shift reflects a broader pivot toward digital assets as tools for economic resilience and international trade.
