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Russian lawmakers have proposed creating a national Bitcoin reserve to counter sanctions and geopolitical risks. The proposal could influence other sanctioned countries to consider cryptocurrencies as a means of maintaining financial stability.
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According to a report by RIA Novosti, Russian lawmakers have proposed the creation of a national Bitcoin reserve to avoid geopolitical risks and sanctions.
Anton Tkachev, a member of the State Duma from the Novye Ludy party, has submitted a formal appeal to Finance Minister Anton Siluanov proposing the creation of a Bitcoin reserve similar to the traditional state reserve in fiat currency.
“With countries under sanctions having limited access to traditional international payment systems, virtual currencies are becoming virtually the only tool for international trade,” Tkachev wrote in the complaint.
The proposal comes as sanctions limit Russia's access to the global financial system.
Tkachev stressed that traditional foreign exchange reserves are susceptible to sanctions, inflation and volatility, which could threaten Russia's financial stability.
He noted that modern challenges require the introduction of new payment processing systems and alternative reserve storage tools, referring to crypto assets such as Bitcoin that are independent of each country.
The congressman highlighted that Bitcoin's price reached $100,000 in December 2024, highlighting its potential as both a store of value and an investment asset.
At the time of this writing, Bitcoin was trading at $96,500, below its recent high of $103,000.
Tkachev said this initiative is in line with the Russian Central Bank's efforts to incorporate digital assets into cross-border payments, and emphasized the growing importance of cryptoassets as viable tools for international trade.
Implementation will require significant policy changes and coordination among government agencies, including central banks and financial regulators.
If passed, the measure could have implications for other sanctioned countries that are considering crypto assets as a means of maintaining financial stability.
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