Russian Lawmaker Proposes Strategic Bitcoin Reserve: Report

Anton Tkachev, State Duma deputy of the New People’s Party, has formally proposed establishing a strategic Bitcoin reserve in Russia.

Tkachev sent an appeal to Russian Finance Minister Anton Siluanov asking for an assessment of the feasibility of creating such a reserve.

Arguments in support of the initiative

The document, cited by local media, highlights Bitcoin’s potential as an alternative to traditional currency reserves. On appeal, Tkachev addressed the Finance Minister and wrote:

“I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic reserve of Bitcoin in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the government of the Russian Federation for to further implementation”.

His proposal outlines the challenges of relying on traditional currencies susceptible to volatility, sanctions and inflation. Tkachev explained that these vulnerabilities threaten Russia’s financial stability. He noted the need for innovative financial instruments, including alternative reserve assets independent of any nation, to address modern geopolitical challenges.

The report also emphasized the growing importance of cryptocurrencies in global trade. The official noted that they have become a critical tool for nations facing sanctions and limited access to traditional payment systems. He also highlighted ongoing efforts by the Central Bank of Russia to test cross-border crypto payments.

In addition, Tkachev pointed to Bitcoin’s performance, citing its rise to $100,000 in December 2024 as proof of its potential as a store of value and a source of significant profits for state reserves.

Putin shows public support for Bitcoin

The proposal follows comments from Russian President Vladimir Putin, who endorsed Bitcoin during the Investment Forum in Moscow on December 4. Putin described the cryptocurrency as an “unstoppable technology” and endorsed its potential as a global reserve asset.

The president criticized the US for taking advantage of the dominance of the dollar to enforce political agendas. He cited Western nations’ freezing of $300 billion in Russian reserves after the 2022 Ukraine war as a key factor prompting countries to explore alternatives like Bitcoin.

Emphasizing the resilience of digital currencies, Putin asserted that no one can ban Bitcoin or other electronic payment systems, and predicted their continued development as nations seek lower costs and improved reliability.

This development aligns with a growing global trend of governments considering Bitcoin as a reserve asset. In the United States, recent months have seen an increase in interest in Bitcoin reserves following Donald Trump’s election victory, with several states initiating related legislation.

Vancouver Mayor Ken Sim recently announced his plans to add Bitcoin to the city’s investment portfolio, with the goal of establishing it as a crypto-friendly hub.

Other international leaders, including Venezuelan opposition figure María Corina Machado and Polish presidential candidate Sławomir Mentzen, have also championed the idea of ​​Bitcoin reserves for their respective nations.

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