Anton Tkachev, deputy of the State Duma from the group “New People”, officially proposed the establishment of the Strategic Bitcoin Reserve (SBR). Tkachev has petitioned Russia’s Finance Minister, Anton Siluanov, advocating for the creation of a Bitcoin reserve similar to the country’s existing traditional currencies. The proposal was discovered and disclosed by the Russian state news agency, RIA Novosti.
Will Russia Build a Strategic Bitcoin Reserve First?
The appeal plainly asks, “I am asking you, dear Anton Germanovich, to examine the possibility of creating a Bitcoin strategic reserve in Russia in parallel with the state funds of traditional currencies. If this program is approved, I ask you to send it to the Government of the Russian Federation for further implementation,” according to the document made available to RIA Novosti.
Tkachev’s proposal underscores the risks associated with traditional foreign exchange facilities amid ongoing political instability. He highlights that reserves denominated in yuan, US dollars, and euros are increasingly vulnerable to instability, sanctions, and inflationary pressures, including threats to Russia’s financial stability.
To face these challenges, this document promotes the integration of Bitcoin as other financial instruments, emphasizing its independence in the economy of each country.
“In cases of limited access to traditional international payment systems of countries under sanctions, cryptocurrencies become almost the only instrument of international trade. The Central Bank of Russia is already preparing to introduce an examination of cross-border settlements with cryptocurrency,” the proposal says.
This document elaborates on the economic benefits, noting that Bitcoin has shown great benefits compared to other investment assets. As of December 2024, the value of Bitcoin reached $100,000, positioning it not only as a means of saving but also as a profitable investment opportunity. This double benefit was presented by Tkachev as a compelling reason for Russia to diversify its reserves to include Bitcoin.
Tkachev’s proposal comes after several countries are considering or developing SBR. Countries such as the United States, Brazil, and Poland have shown interest in similar efforts. United States President-elect Donald Trump revealed plans to establish a Bitcoin depository during his election campaign, a move that may have influenced Russian policymakers.
Notably, the proposal comes on the heels of a recent statement of support from Russian President Vladimir Putin. Just last week, Putin asserted “Who can block Bitcoin? There is no. And who can prevent the use of electronic payment methods? There is no. Because this is new technology. And no matter what happens to the dollar, these tools will improve in one way or another, because everyone will strive to reduce costs and increase reliability.
Earlier this year, Putin also signed a law to legalize Bitcoin and crypto mining within Russia, indicating the government’s clear approval of digital currencies. However, if Tkachev’s proposal can gain traction, remains to be seen.
Tkachev is a prominent political figure in Russia, serving as the First Deputy Chairman of the Committee on Information Policy, Information Technology, and Communications of the State Duma. His recent activities include suggesting that Russian businesses increase their use of Bitcoin and other cryptocurrencies to avoid Western sanctions. In addition, Tkachev was involved in the regulation and licensing of crypto industry mining in Russia.
At press time, BTC traded at $97,286.
The featured image was created with DALL.E, a chart from TradingView.com
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