Russian state deputy urges finance minister to create Bitcoin strategic reserve

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As a seasoned researcher with a knack for following global financial trends and a soft spot for cryptocurrencies, I must say that the recent push towards creating Bitcoin strategic reserves is nothing short of intriguing. Having closely observed the crypto landscape since its inception, I can’t help but draw parallels between this phenomenon and the gold rush of the 19th century – only this time, it’s digital gold we’re after.

In recent months, the topic of Bitcoin’s strategic reserve has been a subject of intense debate following Donald Trump’s announcement about it within the cryptocurrency community. Now, Russia seems to be taking similar steps.

Anton Tkachev, a member of the Russian Parliament (Duma), has suggested that the Minister of Finance, Anton Siluanov, establishes a strategic Bitcoin reserve within the nation, following economic and commercial sanctions imposed on Russia by the United States.

In his plan, Tkachev suggested that Bitcoin (BTC) ought to be considered just like a conventional currency and held in reserves for this reason: its borderless blockchain network makes it comparable to other currencies.

Would you consider evaluating the practicality of establishing a strategic Bitcoin reserve within Russia, similar to the way state reserves function with conventional currencies? If we find this proposal viable, could you prepare a report to present to the Russian federal government for potential action?

The deputy stated, on RIA Novosti local news platform

This reserve functions not just as a medium of exchange, but also as a backup option for preserving monetary worth. Conventional currencies, however, face challenges such as inflation and economic sanctions, whereas Bitcoin remains immune to such issues.

Additionally, he pointed out that the central bank is readying a cross-border cryptocurrency payment system, suggesting that such a system could potentially be used for reserves as well.

Russia followed after Trump’s initiative

At a Bitcoin Conference back in July, President-elect Donald Trump presented an idea that has since been shared by numerous nations. This concept, initially proposed by him, has gained traction within the crypto community.

In the United States, numerous individuals are advocating for Congress to make cryptocurrencies part of a national reserve system. Meanwhile, in Poland, a presidential contender is promoting the idea of adding Bitcoin to their financial holdings.

The presidential contender from Suriname likewise intends to establish a strategic reserve and seeks to emulate El Salvador by making Bitcoin a legitimate tender and recognized currency.

If the Russian government adopts this proposal, they would become the pioneer nation to establish a strategic Bitcoin reserve, preceding other initial creators.

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2024-12-10 04:38