Anton Tkachev, a State Duma deputy from the “New People” party, has formally proposed the creation of a Strategic Bitcoin Reserve (SBR). Tkachev submitted an appeal to Russian Finance Minister Anton Siluanov, advocating the creation of a Bitcoin reserve analogous to the country’s existing reserves in traditional currencies. The proposal was obtained and announced by the Russian state news agency, RIA Novosti.
Will Russia Build a Strategic Bitcoin Reserve First?
The call explicitly asks: “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,” said the document made available to RIA Novosti.
Tkachev’s proposal underlines the vulnerabilities associated with traditional foreign exchange reserves amid ongoing geopolitical instability. He emphasizes that reserves denominated in the yuan, the US dollar and the euro are increasingly vulnerable to volatility, sanctions and inflationary pressures, which together threaten Russia’s financial stability.
To address these challenges, the paper advocates the integration of Bitcoin as alternative reserve storage instruments, emphasizing their independence from individual national economies.
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies become virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment on cross-border settlements in cryptocurrency,” the proposal said.
The paper further elaborates on the economic benefits, noting that Bitcoin has shown substantial returns compared to other investment assets. As of December 2024, Bitcoin’s valuation reached $100,000, positioning it not only as a cost-saving mechanism but also as a lucrative investment opportunity. This dual benefit is presented by Tkachev as a compelling reason for Russia to diversify its reserves with Bitcoin.
Tkachev’s proposal comes as several countries are considering or actively developing an SBR. Countries like the United States, BrazilAnd Poland have expressed interest in similar efforts. The United States, newly elected President Donald Trump, has revealed this plans to set up a strategic Bitcoin reserve during his election campaign, a move that may have influenced Russian policymakers.
Notably, the proposal comes on the heels of a recent supporting statement of Russian President Vladimir Putin. Just last week, Putin claimed: ‘Who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic payment methods? Nobody. Because these are new technologies. And no matter what happens to the dollar, these tools will evolve one way or another as everyone strives to reduce costs and increase reliability.”
Earlier this year, Putin also signed legislation legalizing Bitcoin and crypto mining in Russia, signaling a clear government endorsement of digital currencies. However, whether Tkachev’s proposal will gain traction remains to be seen.
Tkachev is a notable political figure in Russia and is the First Deputy Chairman of the Information Policy, Information Technology and Communications Committee of the State Duma. His recent activities include proposing that Russian companies should increase their use of Bitcoin and other cryptocurrencies to circumvent Western sanctions. In addition, Tkachev was involved in the regulation and legalization of industrial crypto mining in Russia.
At the time of writing, BTC was trading at $97,286.
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