Follow Us @
Deputy wants Russia to adopt Bitcoin as a reserve asset
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Anton Tkachev, Russian deputy member of the country’s parliament (Duma), suggested the creation of a national Bitcoin (BTC) reserve. According to Tkachev, the measure would serve to protect Russia’s financial stability amid geopolitical risks and international sanctions.
Member of the New People party, Tkachev submitted an official appeal to Finance Minister Anton Siluanovcalling for the establishment of a Bitcoin reserve. With this, the deputy states that Russia could diversify its international reserves, reducing its dependence on the dollar.
The measure comes almost two weeks after the Duma recognizes BTC and other cryptocurrencies as propertyopening space for its legalization. And just a few days ago, Russian President Vladimir Putin praised Bitcoin by stating that there is no stopping this technology.
In his letter, Tkachev highlighted the limitations of traditional foreign exchange reserves, which are vulnerable to volatility, inflation and sanctions. In fact, Russia had part of its international reserves blocked after the invasion of Ukraine in 2022. At the time, the volume of BTC purchases skyrocketed by 150% in the countryreflecting the demand for digital assets
Bitcoin as a reserve asset in Russia
In this sense, Tkachev argues that traditional reserves pose a risk to Russia’s financial stability. Therefore, the deputy argued that the use of BTC can help reduce these risks.
Tkachev explains to the finance minister that Digital currencies are not subject to the controls or financial systems of other countries. This makes them more resilient in the face of geopolitical tensions, as Russia’s opponents, such as the United States, would not be able to block the country’s BTC.
“With limited access to international payment systems for countries under sanctions, cryptocurrencies like Bitcoin could become essential tools for global trade,” Tkachev wrote. He emphasized that Bitcoin’s decentralized nature makes it an ideal asset for Russia to store its reserves.
Tkachev also highlighted the strong performance of Bitcoin as an investment in recent yearsespecially its appreciation. The deputy mentioned the fact that BTC reached US$100,000 in December as another pro-adoption argument.
In terms of appreciation, the deputy states that Bitcoin’s high returns make it not only a stable store of value, but also a means of obtaining financial gain. Since government bonds and gold have modest returns, BTC could leverage Russia’s capital gains while keeping its reserves protected.
Tkachev’s proposal aligns with Russia’s broader strategy of developing alternatives to traditional financial systems. The country granted incentives for mining and even created his own exchange shortly after the Ukraine war began. And the Central Bank of Russia is already preparing to launch an experiment to use cryptocurrencies in international payments, aiming to facilitate international trade.
Deputy wants Russia to adopt Bitcoin as a reserve asset
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Deputy wants Russia to adopt Bitcoin as a reserve asset
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Deputy wants Russia to adopt Bitcoin as a reserve asset
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Deputy wants Russia to adopt Bitcoin as a reserve asset
