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The State Duma Deputy proposes a Bitcoin reserve to bolster Russia’s financial stability. Bitcoin’s decentralized nature helps bypass geopolitical sanctions effectively. Anton Tkachev, a State Duma deputy from the New People party, sent an official proposal to Finance Minister Anton Siluanov, urging the government to consider Bitcoin an alternative reserve asset. In his appeal, Tkachev argued that traditional currency reserves, including the dollar, euro, and yuan, face risks like inflation, sanctions, and volatility.  He highlighted Bitcoin’s decentralized nature as a way to bypass international financial systems controlled by individual countries. This makes Bitcoin a resilient option for storing value and conducting international trade under sanctions. Tkachev noted that the Central Bank of Russia is already preparing an experiment to use cryptocurrencies for cross-border settlements. He emphasized that Bitcoin could serve as a hedge against economic pressures, providing an independent instrument for reserve storage.  With limited access to traditional international payment systems, cryptocurrencies have become crucial for countries under sanctions. Bitcoin’s performance as an investment asset further strengthens its appeal.  Russia Aligns with Global Shift  Globally, other nations are also exploring Bitcoin reserves. The United States, led by President Donald Trump, has announced plans to build a strategic Bitcoin reserve. This initiative has inspired other countries, including Brazil and Poland, to follow suit. Russian officials seem to align with this global trend as they aim to secure economic stability through digital currencies. Earlier this year, President Vladimir Putin legalized BTC mining and acknowledged Bitcoin’s role in modern finance. He recently declared that no one could ban or prohibit Bitcoin’s development, signalling strong support for digital currencies. Highlighted Crypto News TodayBhutan Transfers $40 Million in Bitcoin Source: https://thenewscrypto.com/russian-state-duma-proposes-creating-a-strategic-bitcoin-reserve/

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Filed under: News - @ December 10, 2024 8:22 am