Crypto news from Russia seems to be gaining momentum in recent days. Recently, MP Anton Tkachev from the New Light party called on the authorities to get up to speed with cryptocurrencies. Specifically, he urged the creation of a strategic Bitcoin reserve to address the trade challenges facing the country as a result of sanctions.
The MP highlights the advantages of Bitcoin as a decentralized asset that is immune to sanctions. In that sense, adding it to Russia's reserves would be much safer than holding reserves in foreign currencies such as dollars and euros. He stresses that Russia should undertake a massive purchase of BTC to take advantage of the currency's rising value.
In a letter cited by RIA Novosti, the Duma deputy urged the country's finance minister Anton Siluanov to take the necessary steps in this direction. He noted that the qualities of cryptocurrency could provide a refuge from the geopolitical storms that are threatening the Eurasian nation.
By not being controlled by any centralized entity, a Bitcoin strategic reserve would allow Russia to preserve its monetary strength in the face of sanctions. Sanctions seeking to weaken the country's reserves would thus be shielded. Trade barriers the country faces with its partners would also have less friction, Tkachev emphasized.
Bitcoin Strategic Reserve Could Be the New Buzzword
According to experts, the proposal of the US Republicans to incorporate BTC into the reserves would soon be replicated. Thus, in countries such as China and Russia and even India, the authorities could proceed in the same direction as the North American country. The same can also be said of allied countries such as those of the European bloc and the United Kingdom.
Some representatives, such as Cynthia Lummis, propose that the Treasury and the Federal Reserve buy approximately 5% of the BTC in circulation. If this law is approved by Congress, the currency would become the official reserve of the United States, along with gold and other international assets of great geopolitical weight.
The fight to see who owns the most Bitcoin could thus be the new trend among central banks around the world. These developments are taking place as gold and Bitcoin supporters are putting pressure on authorities to take immediate action.
Recently, MicroStrategy CEO Michael Saylor called on authorities to ditch gold and buy BTC. Meanwhile, gold evangelist Peter Schiff urged the Biden administration to take one last step and sell BTC reserves.
It is still unclear whether Russia will adopt Bitcoin as a strategic reserve. In the case of the US, the matter seems more certain, considering that it is one of the Republicans' campaign promises. Meanwhile, at the corporate level, massive purchases continue. MicroStrategy already has more than 423 thousand bitcoins and shareholders of other companies such as Microsoft and Amazon want BTC adoption for those firms.