According to a report by the state-owned news agency Ria on Monday, a Russian parliamentary deputy has proposed the establishment of a strategic bitcoin reserve as a means to mitigate the impact of sanctions imposed on the country. Anton Tkachev, a member of the New People party, which holds 16 seats in the 450-seat State Duma, has requested that Finance Minister Anton Siluanov assess the feasibility of creating such a reserve, modeled after the state reserves maintained in traditional currencies. The proposed reserve aims to counter the threats to Russia's financial stability posed by sanctions, inflation, and the volatility of traditional currencies such as the Chinese yuan, US dollars, and the euro. As Tkachev noted in his proposal, 'In a scenario where access to traditional international payment systems is limited for countries under sanctions, cryptocurrencies are becoming virtually the only means for international trade.' This suggestion seems to resonate with a prior plan by US President-elect Donald Trump to create a strategic BTC reserve as a store of value to alleviate the pressures of the country's national debt.
More News
Latest in -
Consensus Hong Kong 2025 Coverage
Latest in -
Consensus Toronto 2025 Coverage
Latest in -
News Analysis
Latest in -
Tech