Key Takeaways
- A Russian lawmaker proposed a national Bitcoin reserve.
- The reserve is aimed at mitigating sanctions and financial risks.
- Bitcoin's recent peak was over $103,000 in December 2024.
A member of Russia’s State Duma, Anton Tkachev, has suggested creating a national Bitcoin reserve to address geopolitical risks and sanctions, according to RIA Novosti.
Tkachev’s proposal was formally submitted to Finance Minister Anton Siluanov, advocating for Bitcoin’s inclusion as an alternative to traditional currency reserves.
Tkachev stated:
With limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only tool for international trade.
Background
Russia has faced significant restrictions on global financial systems due to ongoing sanctions.
Tkachev argued that conventional foreign exchange reserves are increasingly vulnerable to sanctions, inflation, and market volatility.
He suggested that Bitcoin could provide a stable and independent means of international trade and investment.
Recent Bitcoin price action
Highlighting Bitcoin’s recent peak of over $103,000, Tkachev noted its value as both an investment asset and a hedge against economic uncertainties. At the time of reporting, Bitcoin traded at $96,500.
This initiative aligns with efforts by the Central Bank of Russia to integrate digital assets into cross-border payments.
Tkachev emphasized that implementing such a measure would require policy adjustments and collaboration among key governmental bodies, including financial regulators and the Central Bank.
