Russian lawmakers are considering creating a national Bitcoin reserve to reduce reliance on traditional currencies and mitigate the impact of international sanctions.
Proposal for Strategic Bitcoin Reserve
State Duma Deputy Anton Tkachev proposed the idea to Finance Minister Anton Siluanov, emphasizing Bitcoin's independence from inflationary risks and sanctions tied to fiat currencies like the dollar and euro.Regulatory Progress in Russia
The proposal aligns with Russia’s evolving stance on cryptocurrency. Recent policy changes include exempting crypto transactions from VAT and taxing crypto profits at 15%, akin to securities. Additionally, Russia legalized Bitcoin mining earlier this year, with restrictions in specific regions.Global Trends in Bitcoin Reserves
The idea of national Bitcoin reserves mirrors initiatives in other countries. El Salvador introduced its Bitcoin reserve in 2021, and Pennsylvania recently proposed allocating state funds to Bitcoin. Analysts speculate that the incoming Trump administration in the U.S. might consider similar measures. Tkachev’s proposal reflects Russia’s broader efforts to modernize its financial system and explore alternatives to traditional monetary assets. However, whether the plan will gain traction remains uncertain.
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