Russian State Duma Deputy Anton Tkachev, a member of the New People party, has suggested creating a strategic Bitcoin reserve to strengthen the country’s financial stability. 

According to local reports in Moscow, Tkachev has formally submitted this proposal to Finance Minister Anton Siluanov.

Russia to Consider Plans for a Bitcoin Reserve?

In the proposal, Tkachev highlights the limitations of traditional currency reserves, such as the dollar, euro, and yuan. He mentions that these assets are susceptible to inflation and international sanctions.

Also, Tkachev argues that a Bitcoin reserve could serve as an independent alternative, free from the influence of any single nation.

“I ask you, dear Anton Germanovich, to assess 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 further implementation,” the statement said (originally in Russian).

It looks like Russia has been considering softening its stance on crypto regulation. This could be driven by the imminent regulatory shift in the US following Trump’s re-election in early November.

Just last week, President Vladimir Putin publicly stated that no one can ban Bitcoin, and it will continue to develop. This was ultimately the last push that BTC needed to reach its $100,000 milestone after hovering around the $95,000 zone for a month. 

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Author: Mohammad Shahid