Russian state deputy urges to create Bitcoin reserve

The Bitcoin strategic reserve has been an intensive issue in the past few months since Donald Trump announced these plans to the crypto community; now Russia has followed.

Anton Tkachev, Duma state deputy of Russia, has urged the Minister of Finance Anton Siluanov to create a Bitcoin strategic reserve in the country after the Russian economy and business were sanctioned by the U.S.

In his proposal, Tkachev mentioned that Bitcoin (BTC) should be treated in the reserves as any other traditional currency as well due to the borderless system of blockchain.

“I ask you to assess the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the government of the federation for further implementation,”

The deputy stated, on RIA Novosti local news platform

This reserve will not only serve as a currency but also contribute as an alternative instrument for storing the value of money. Yet traditional currencies are also threatened by inflation and sanctions, but Bitcoin is not.

He also noted that the central bank has been preparing for the launch of a cross-border payment settlement for cryptocurrency, which indicates that the reserve is also possible.

Russia followed after Trump’s initiative

U.S. President-elect Donald Trump introduced this initiative at the Bitcoin Conference earlier this July in front of hundreds of the crypto community. Since then, many countries had the same vision to do so.

In the U.S. alone, thousands of supports have come to Congress to legalize the crypto-based national reserve. In Poland, the presidential candidate also campaigns to include Bitcoin on their balance sheet.

The Surinamese presidential candidate also aims to build a strategic reserve and follow El Salvador’s footsteps to make Bitcoin a legal tender and official currency.

If Russian government passed this proposal, it will unlock the first country to create Bitcoin strategic reserve ahead from the initiator.