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Russian Lawmaker Proposes Creating Strategic Bitcoin Reserve: Report
Anton Tkachev proposed "assessing the feasibility of creating a strategic BTC reserve in Russia by analogy with state reserve in traditional currencies."
What to know:
- Anton Tkachev of the New People party asked Russian Finance Minister Anton Siluanov to "assess the feasibility" of creating a strategic bitcoin reserve.
- The reserve would help counter the threat posed to Russian financial stability posed by sanctions, inflation and the volatility of traditional currencies.
- The proposal would be an apparent echo of the plans in the U.S. by President-elect Donald Trump.
A deputy in the Russian parliament proposed the creation of a strategic bitcoin (BTC) reserve to tackle sanctions imposed on the country, state-owned news agency Ria reported on Monday.
Anton Tkachev of the New People party, which formed in 2020 and has 16 out of the 450 seats in the State Duma, asked Finance Minister Anton Siluanov to "assess the feasibility of creating a strategic bitcoin reserve in Russia by analogy with state reserve in traditional currencies."
STORY CONTINUES BELOW
The reserve would help counter the threat posed to Russian financial stability by sanctions, inflation and the volatility of traditional currencies that the country holds, such as the Chinese yuan, U.S. dollars and the euro, according to the proposal.
"In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade," Tkachev said in the proposal.
The proposal appears to echo U.S. President-elect Donald Trump's plan to establish a strategic BTC reserve as a store of value to alleviate the pressures of the country's national debt.
Read More: Putin Says No One Will Be Able to Ban Cryptocurrencies: State Media
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
