Russian Finance Ministry Urged to Establish Bitcoin Reserve

Anton Tkachev, a State Duma deputy from the New People faction, has approached Russian Finance Minister Anton Siluanov with a proposal to establish a strategic bitcoin reserve, according to a document cited by TASS.

Tkachev argues that traditional currency reserves, including yuan, US dollars, and euros, are subject to volatility, sanctions, and inflation, posing a threat to the nation’s financial stability.

“Modern challenges necessitate the implementation of not only new payment systems but also alternative reserve storage instruments that are independent of individual countries,” the document states.

The deputy noted that digital gold has demonstrated one of the highest returns among all investment assets.

“This makes bitcoin not only a tool for preserving value but also an opportunity for significant profit,” he emphasized.

Tkachev has requested the Finance Minister to assess the feasibility of creating a cryptocurrency reserve and, if approved, to present the corresponding initiative to the Russian government.

Previously, Anatoly Aksakov, head of the State Duma’s Financial Market Committee, rejected the idea of storing budget funds in bitcoin, at least in the near future. He cited the asset’s high volatility and technical characteristics as reasons for his stance.

In July, Wyoming Senator Cynthia Lummis announced the preparation of the Bitcoin Act, a bill that would allow the US to create a reserve of the first cryptocurrency.

CoinShares has positively assessed the prospects of such a decision.