Key Takeaways
- A Russian lawmaker proposed the creation of a national bitcoin reserve to counter sanctions and geopolitical risks.
- The proposal could influence other countries under sanctions to consider cryptocurrencies as tools to maintain financial stability.
A Russian lawmaker has proposed creating a national bitcoin reserve to protect against geopolitical risks and sanctions, he says RIA Novosti report.
Anton Tkachev, a member of the State Duma from the New People party, submitted an official complaint to Finance Minister Anton Siluanov, proposing the establishment of a bitcoin reserve similar to traditional state reserves in fiat currencies.
“With limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only tool for international trade,” Tkachev wrote in his appeal.
The proposal comes as Russia faces limited access to global financial systems due to sanctions.
Tkachev stressed that conventional foreign exchange reserves are subject 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 tools for storing reserves, related to crypto-assets such as Bitcoin, which are independent of individual countries.
The lawmaker highlighted bitcoin’s price of $100,000 in December 2024, highlighting its potential as both a store of value and an investment vehicle.
At the time of writing, Bitcoin was trading at $96,500, down from its recent high of over $103,000.
The initiative is in line with the Central Bank of Russia’s efforts to incorporate digital assets into cross-border payments, Tkachev added, noting the growing importance of crypto-assets as a viable tool for international trade.
Implementation would require significant policy changes and coordination between government agencies, including the Central Bank and financial regulators.
If passed, the measure could affect other sanctioned countries that are considering crypto-assets as a means of maintaining financial stability.
