Russia has joined the growing list of nations considering Bitcoin as a strategic reserve asset.
Anton Tkachev, a member of the Russian State Legislative Chamber, Duma, from the New People party, has formally proposed that the finance ministry incorporate Bitcoin into the country’s treasury reserves.
Local media outlet RIA Novosti reported that Tkachev submitted his proposal on Monday December 9, 2024. He reportedly addressed it to Finance Minister Anton Siluanov, citing Bitcoin’s unique advantages, including its decentralized nature, as a potential hedge against inflation and Western sanctions. He argued that adopting Bitcoin could provide Russia with a mechanism for unrestricted cross-border transactions while bolstering financial stability amidst economic challenges.
The proposal also points to Bitcoin’s historical price performance, including its recent surge past $100,000, as evidence of its ability to preserve value and generate returns. Tkachev emphasized that embracing Bitcoin could position Russia as a leader in leveraging the cryptocurrency’s growing global relevance.
Russia’s exploration of Bitcoin as a reserve asset mirrors similar initiatives worldwide. Polish presidential candidate Sławomir Mentzen has pledged to establish a national Bitcoin reserve if elected in 2025. In the United States, Senator Cynthia Lummis proposed a bill in July that would have the U.S. government acquire 1 million Bitcoins over five years, aiming to use the reserve to help alleviate national debt and strengthen the dollar’s global status.
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However, opinions remain divided. Former U.S. Treasury Secretary Lawrence Summers has criticized President-elect Donald Trump’s plan to create a national Bitcoin reserve, calling it “crazy.” Meanwhile, South Korea’s Financial Services Commission has dismissed the idea as premature, focusing instead on integrating digital assets into its financial system.
Meanwhile, the proposal in Russia might indicate its growing interest in cryptocurrencies, as the country is already advancing a comprehensive regulatory framework for the sector. The Finance Ministry recently proposed amendments to Bitcoin mining legislation, introducing new tax rules for mining operations, transactions, and infrastructure. If implemented, these changes could further shape Russia’s approach to cryptocurrencies as it evaluates Bitcoin’s role in its financial strategy.
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