A Russian lawmaker has proposed a bill to establish a state fund for Bitcoins to enhance the development of the Russian economy. Anton Tkachev, the State Duma Deputy and a member of the New People Party, handed the proposal to Financial Minister Anton Siluanov.
Highlighting Bitcoin’s versatility, Tkachev suggested that it could be an alternative to traditional reserves like the dollar, euro, and yuan. He highlighted that these reserves are vulnerable to inflation and international sanctions. The proposal calls for a Bitcoin reserve similar to existing state reserves in traditional currencies.
In his letter, Tkachev argued that cryptocurrencies could help Russia bypass sanctions. He noted that Bitcoin’s decentralized nature makes it independent of any single nation. Tkachev also stated that Bitcoin could play a critical role in global trade for sanctioned countries.
The Central Bank of Russia has begun experimenting with cryptocurrency for foreign transactions. This initiative aligns with Tkachev’s proposal, suiting Russia’s goal to diversify its financial systems. Further, Tkachev claimed that the crypto would improve the country’s financial stability amid geopolitical shifts.
With Bitcoin’s value growing steadily, Tkachev stated that it would increase its potential as a store of value. Further, with its recent performance with other assets, he emphasized its higher returns in recent years.
The regulation of cryptocurrencies in Russia has also evolved. Earlier this year, Russian President Vladimir Putin nodded to a law that seeks to legalize Bitcoin and crypto mining. The government implemented new taxes that made crypto transactions to VAT free but profits to be taxable at 15% rate.
Bitcoin Dominates Market as Altcoins Struggle with LossesWith these developments, Tkachev’s proposal highlights the strategic value of Bitcoin in building financial independence, urging Siluanov to create a Bitcoin reserve soon in the country. Further, the proposal highlights the global adoption of Bitcoin into their financial systems.
Earlier, in 2021, El Salvador introduced Bitcoin reserves, which brought significant revenues. Also, in the U.S., there are discussions about creating a national Bitcoin reserve. While President-elect Donald Trump supported a Bitcoin reserve in his economic plan. Pennsylvania proposed to allocate 10% of its funds to Bitcoin as an inflation hedge.
