Russian Parliament Deputy Proposes Creation of Strategic Bitcoin Reserve

A Russian lawmaker has proposed creating a national Bitcoin (BTC) reserve to strengthen Russia’s financial stability amid ongoing geopolitical tensions and international sanctions.

According to a local media report, Anton Tkachev, a deputy from the “New People” party in the State Duma, has formally appealed to Finance Minister Anton Siluanov. He urged the government to establish a Bitcoin reserve, similar to existing reserves of foreign currencies like the US dollar and euro.

BTC as an Alternative Reserve Asset

In his appeal, Tkachev pointed out the vulnerabilities of traditional foreign exchange reserves, which are susceptible to inflation, market volatility, and external sanctions. He argued that these factors pose significant risks to the country’s financial system.

Tkachev suggested BTC as a viable alternative due to its decentralized structure, which operates independently of any nation’s financial systems. He emphasized that this independence makes Bitcoin more resilient to geopolitical risks and sanctions. According to him, incorporating Bitcoin into the national reserves would enable Russia to circumvent traditional financial mechanisms and protect its economic interests.

The lawmaker highlighted Bitcoin’s remarkable performance as an investment, citing its milestone of reaching $100,000. Tkachev underscored BTC’s potential as both a stable store of value and a lucrative investment opportunity. He likened BTC’s role to that of gold or foreign currency in a country’s reserves, suggesting that Russia could benefit from its inclusion.

Optimizing Crypto Regulations

Russia has recently implemented significant changes to its cryptocurrency regulations. Crypto transactions are now exempt from value-added tax (VAT), though profits are subject to a 15% personal income tax, aligning them with the tax treatment of securities. Additionally, earlier this year, the government legalized cryptocurrency mining, although some regional restrictions still apply.

Globally, the concept of national Bitcoin reserves is gaining attention. In the United States, Pennsylvania has proposed allocating 10% of state funds to BTC as a strategy to hedge against inflation and diversify investments. There is also speculation that President-elect Donald Trump might explore the establishment of a national Bitcoin reserve after taking office in January.

Meanwhile, El Salvador, a pioneer in this space, set the precedent by establishing a Bitcoin reserve in 2021. The country’s reserve, now valued at over $554 million, has yielded unrealized profits approaching 120%, demonstrating the potential benefits of such a strategy.