- A Russian lawmaker has proposed a Bitcoin reserve to counter sanctions, inflation, and risks to financial stability.
- Bitcoin’s decentralized nature could help Russia bypass sanctions and support international trade systems.
- Proposal aligns with global trends as nations explore Bitcoin for economic resilience and strategic reserves.
A Russian lawmaker has proposed creating a national Bitcoin reserve to protect the country’s financial stability. Anton Tkachev, a deputy from the New People party, submitted an appeal to Finance Minister Anton Siluanov. Tkachev suggested this reserve could act as an alternative to traditional currency reserves like the US dollar or euro.
Bitcoin as a Strategic Asset
In his appeal, Tkachev highlighted the limitations of traditional foreign exchange reserves. He argued that these reserves are subject to inflation, volatility, and sanctions. Such risks threaten Russia’s financial security.
Bitcoin, according to Tkachev, offers a decentralized alternative. It operates outside traditional financial systems, making it resilient to sanctions and geopolitical pressures. He noted that Bitcoin’s nature allows countries under sanctions to conduct international trade without relying on restricted payment systems.
Tkachev stated that Bitcoin could serve as both a stable store of value and an investment opportunity. He pointed out that the cryptocurrency’s returns in recent years have outperformed many traditional assets.
Rising Interest in Bitcoin Reserves Globally
The proposal comes as Russia explores broader cryptocurrency strategies. The Central Bank of Russia is preparing to test cryptocurrencies in cross-border payments. This move aims to bypass Western sanctions and support international trade.
Globally, other nations are also considering Bitcoin reserves. In the United States, Senator Cynthia Lummis introduced the Bitcoin Act of 2024, advocating for a national Bitcoin reserve. Former U.S. President Donald Trump has also expressed support for holding Bitcoin as part of the country’s strategic assets.
Financial Trends and Industry Insights
Russia’s interest aligns with trends among private companies and investors. MicroStrategy, a leading Bitcoin adopter, holds over 423,000 BTC as part of its long-term strategy. Similarly, Bitcoin mining firm Hut 8 recently announced plans to expand its holdings using funds from stock sales.
This growing adoption of Bitcoin reflects its appeal as a hedge against traditional market instability.
The post Russian Lawmaker Pushes for Bitcoin Reserve to Shield Economy from Geopolitical Risks appeared first on Crypto News Land.
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