Emily Walker
Anton Tkachev, a deputy in the State Duma representing the “New People” party, has officially put forward a plan to create a Strategic Bitcoin Reserve (SBR). He has reached out to the Finance Minister of Russia, Anton Siluanov, proposing the establishment of a Bitcoin reserve to mirror the nation’s current reserves in conventional currencies. This proposal was reported by the Russian state news agency, RIA Novosti.
Could Russia Be the First to Create a Strategic Bitcoin Reserve?
The request outlines a call to action: “I urge you, dear Anton Germanovich, to consider the practicality of forming a strategic Bitcoin reserve in Russia akin to state reserves in traditional currencies. If this idea is feasible, please present it to the Government of the Russian Federation for further action,” as noted in the document obtained by RIA Novosti.
Tkachev’s initiative emphasizes the weaknesses of standard foreign currency reserves in light of ongoing global tensions. He points out that assets held in yuan, US dollars, and euros are becoming increasingly vulnerable to fluctuations, sanctions, and inflation, all of which threaten Russia’s financial stability.
To counter these issues, the proposal suggests adopting Bitcoin as an alternative asset for reserves, highlighting its non-reliance on any single economy.
“In the face of restricted access to traditional international payment systems for sanctioned countries, cryptocurrencies are emerging as nearly the sole means for global trade. The Central Bank of Russia is in the process of launching a pilot program for cross-border transactions using cryptocurrency,” the document notes.
The appeal also discusses the economic advantages, noting Bitcoin’s significant returns relative to other investment forms. Looking ahead to December 2024, Bitcoin’s price is projected to hit $100,000, positioning it not just as a cost-effective option but also a promising investment. This combination of benefits is positioned by Tkachev as a persuasive argument for Russia to include Bitcoin in its reserve strategy.
This proposal coincides with the interest from various countries in forming their own SBRs. Nations like the United States, Brazil, and Poland are exploring similar opportunities. Notably, President-elect Donald Trump announced intentions to create a strategic Bitcoin reserve during his campaign, which could have influenced Russian officials.
This initiative follows a recent supportive comment from Russian President Vladimir Putin, who stated, “Who can ban Bitcoin? Nobody. And who can restrict the use of other digital payment methods? Nobody. These are emerging technologies. Regardless of what happens with the dollar, these tools will evolve, as everyone aims to minimize costs and enhance reliability.”
Earlier this year, Putin also sanctioned laws that legitimize Bitcoin and cryptocurrency mining in Russia, indicating a strong governmental backing for digital currencies. Whether Tkachev’s proposal can garner support, however, remains uncertain.
Tkachev is a prominent political figure, currently serving as the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications. His recent actions involve encouraging Russian firms to adopt Bitcoin and cryptocurrencies to bypass Western sanctions. He has also played a role in the regulation and legalization of industrial crypto mining in Russia.
As of the latest figures, Bitcoin was valued at $97,286.