Russian state news agency RIA Novosti reported today that Deputy Speaker of the State Duma Anton Tkachev has proposed the creation of a Russian strategic bitcoin reserve and received a copy of the document.
Tkachev, head of the New People's Party, proposed to Russian Finance Minister Anton Siluanov to create a #bitcoin reserve similar to Russia's traditional currency reserve.
Dear Anton Germanovich, I ask Russia to assess the feasibility of creating a strategic bitcoin reserve similar to the traditional currency reserve. If this initiative is approved, I ask you to submit it to the Government of the Russian Federation for further implementation.
Since countries under sanctions have limited access to traditional international payment systems, #cryptocurrencies are becoming virtually the only means of international trade. Russia's central bank is already preparing to begin experimenting with cross-border payments in cryptocurrencies.
Tkachev's article explains that creating a strategic bitcoin reserve could strengthen Russia's financial stability, noting that traditional currency reserves such as the dollar, euro and yuan are subject to inflation and sanctions, and new alternatives that do not depend on individual countries are needed.
This move continues a trend where countries such as the US, El Salvador, Brazil and Poland are looking to create strategic bitcoin reserves. Led by the U. S. and President-elect Donald Trump, the U. S. wants to create a strategic bitcoin reserve of more than 1 million bitcoins, which seems to have caught the attention of some Russian officials.
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