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Is Russia Preparing to Create a Bitcoin Reserve Strategy?

source-logo  cryptonewsz.com 10 December 2024 04:07, UTC

Russia has joined the ranks of the US and Poland with a Bitcoin plan, as it considers creating a Bitcoin Reserve Strategy.

Local media reports suggest that Russian State Duma deputy from the New People party Anton Tkachev has proposed to the Russian Finance Minister Anton Siluanov to create a strategic Bitcoin reserve in Russia similar to state reserves in traditional currencies.

Russia Proposes Bitcoin Reserve Strategy

The appeal says “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 proposal also sheds light on how traditional currency reserves, including yuan, US dollars and euros, are subject to volatility especially at times of geopolitical turmoil. Traditional currencies are also subject to sanctions and inflation, which poses a threat to the financial stability of the nation. As a result, these challenges necessitates the introduction of not only new payment systems, but also other ways for reserves that are self-reliant and do not depend on individual countries.

“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency,” the author notes.

The proposal also touches upon the growth of Bitcoin as an asset. It says that Bitcoin has shown one of the highest returns of all investment assets in recent years, and its value also rose to $100K. Amidst the growing value of Bitcoin, it is not only a tool for preserving value, but also a chance to earn significant profits.

cryptonewsz.com