Anton Tkachev, a Deputy in the Russian State Duma, has suggested creating a strategic Bitcoin reserve to improve the country’s financial stability.
This plan, shown to Finance Minister Anton Siluanov, highlights Bitcoin’s ability to be a strong asset, protected from international sanctions and inflation issues that affect regular currencies like the dollar, euro, and yuan.
Tkachev’s proposal comes at a time when Russia is changing how it regulates cryptocurrency. President Vladimir Putin has recognized that Bitcoin is here to stay and has potential for growth, which has helped its value rise above $100,000.
Russia has made changes to its regulations by removing VAT on cryptocurrency transactions and setting a 15% tax on profits from crypto, treating them like securities. Bitcoin mining is now legal, but there are some restrictions. This is especially true in occupied areas of Ukraine and during the winter in Siberia to help control energy use.
Russia wants to create a national Bitcoin reserve, similar to other countries are doing. Pennsylvania in the US has suggested using 10% of state funds for Bitcoin, and investment firms support seeing it as a reserve asset. El Salvador set a record by creating a Bitcoin reserve in 2021, which is now worth more than $554 million.
Tkachev’s proposal is still uncertain, but it shows that Russia is working to improve its cryptocurrency rules and look for options beyond traditional finance. This aligns with the growing trend of Bitcoin being seen as a valuable asset around the world.
