A Russian MP has called for the creation of a national Bitcoin reserve to counter international sanctions and the volatility of traditional currencies.
Russia joins the list of countries considering the inclusion of Bitcoin in their national reserves. The proposal comes from Anton Tkachev, a State Duma member from the New People party, who formally appealed to Finance Minister Anton Siluanov.
The initiative, reported by the RIA Novosti agency, stems from the need to find alternatives to traditional financial systems amid increasing international pressures.
In his appeal, Tkachev stated:
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade.”
According to the Russian MP, traditional fiat reserves like the dollar, euro, and yen are vulnerable to sanctions, inflation, and volatility, posing a potential risk to the country’s financial stability. Adopting Bitcoin as a national reserve, on the other hand, would provide an instrument independent of the control of individual states.
The initiative aligns with the efforts of the Russian Central Bank to integrate digital assets into cross-border payments. However, its implementation would require significant regulatory changes and coordination among various government agencies.
If approved, this move could pave the way for other countries facing international sanctions to follow suit.
