Russia deems Bitcoin reserve stable.
A Russian politician suggests a Bitcoin reserve to boost financial stability due to its independence from sanctions and inflation.
State Duma Deputy Anton Tkachev proposes a strategic Bitcoin reserve to stabilize Russia's finances. New People party member Tkachev suggested Bitcoin to Finance Minister Anton Siluanov, citing its potential as an independent asset immune from foreign sanctions and inflation dangers.
Tkachev's suggestion comes as Russia softens cryptocurrency legislation. Putin's statement that Bitcoin cannot be outlawed and will expand boosted Bitcoin's confidence, helping it reach $100,000 after weeks around $95,000.
Russia changed its regulations. Cryptocurrency transactions are VAT-exempt, and gains are taxed at 15% like securities. Russia allowed Bitcoin mining last year, although certain places still have limitations. Donetsk and Lugansk are occupied Ukrainian areas, while Siberia has winter mining limitations to regulate electrical consumption.
A national Bitcoin reserve is not new to Russia. Pennsylvania recommended investing 10% of public money in Bitcoin to hedge inflation. The possibility of a national Bitcoin reserve under Donald Trump after his January inauguration is rising. Investment businesses like VanEck support Bitcoin as a reserve asset.
El Salvador, a pioneer, launched its Bitcoin reserve in 2021. BTC worth $554 million and unrealized gains approaching 120% are held by the nation. Russian interest in this avenue mirrors a worldwide trend toward Bitcoin as a strategic financial asset.
Tkachev's plan fits with Russia's recent attempts to improve crypto rules and investigate alternatives to established banking systems.
