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Member of the Russian Chamber of Deputies, Anton Tkachev, representing the New People’s party, has proposed creating a Bitcoin strategic reserve to strengthen the country’s financial stability.
According to reports in Moscow, Mr. Tkachev has officially sent this proposal to Finance Minister Anton Siluanov.
Russia considering plans for Bitcoin reserves?
In propose In his work, Tkachev highlights the limitations of traditional currency reserves such as USD, euro and yuan. He said these assets are exposed to inflation and international sanctions. Besides, Tkachev argued that Bitcoin reserves can be an independent choice, not influenced by any country.
“I propose, Mr. Anton Germanovich, to evaluate the feasibility of creating a strategic reserve of bitcoin in Russia similar to state reserves in traditional currencies. If this initiative is approved, I hope you will present it to the government of the Russian Federation for further implementation,” the statement said (originally in Russian).
It appears that Russia is considering relaxing its stance on cryptocurrency regulation. This may be due to upcoming regulatory changes in the US after Trump’s re-election in early November. Last week, President Vladimir Putin publicly stated that no one can ban Bitcoin, and it will continue develop. That was the final push BTC needed to reach the $100k milestone after fluctuating around $95k for a month.
Putin is optimizing cryptocurrency regulations
In the area of taxation, Russia recently introduced major changes to cryptocurrency regulation. Cryptocurrency trading is currently not subject to value added tax (VAT). Instead, profits from cryptocurrency operations will be subject to a 15% personal income tax, similar to the tax structure for stocks.
Earlier this year, Russia legalized Bitcoin and cryptocurrency mining, marking an important regulatory turning point. However, some mining restrictions still apply in some areas. Prohibited activities in occupied Ukrainian territories, including Donetsk, Lugansk, Zaporizhia and Kherson. Siberia also faces mining restrictions in the winter months from December 2023 to March 2031 to manage electricity demand.
Meanwhile, the idea of a national Bitcoin reserve is gaining traction globally. In the US, Pennsylvania has proposed a bill to allocate 10% of state funds to Bitcoin as a measure to hedge against inflation and diversify investments.
Furthermore, there is optimism that Trump may consider establishing a national Bitcoin reserve after taking office in January. Investment firm VanEck has also joined the campaign advocating for the adoption of Bitcoin as an asset reserved.
El Salvador stands out as a pioneer in this field. The country, which established strategic Bitcoin reserves in 2021, currently hold over 554 million USD worth of BTC, with an unrealized profit of nearly 120%.
General Bitcoin News
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