- Tkachev indicates a Bitcoin reserve to ensure Russia’s financial stability.
- Russia’s crypto policies are evolving, including tax breaks and mining authorization.
Russian State Duma Deputy Anton Tkachev has suggested that the national Bitcoin reserve be created in order to strengthen financial stability in Russia further. The deputy of the New People party proposed the initiative and sent it to Finance Minister Anton Siluanov. He suggested that Bitcoin could become an independent asset, unaffected by international sanctions and the inflation risks tied to traditional currencies such as the dollar, euro, and yuan.
The suggestion is consistent with Russia’s shifting perspective on cryptocurrency rules. Recently, President Vladimir Putin indicated that Bitcoin cannot be banned and will continue to grow, boosting confidence in the digital asset sector. Among the many reasons why bitcoin reached $100,000 after spending several weeks at approximately $95,000.This falls within greater global optimism surrounding the potential of Bitcoin as a financial asset.
Regulatory Changes and Increased Global Adoption of Bitcoin
Russia has already done enough to embrace cryptocurrencies in the country. Authorities exempt cryptocurrency transactions from VAT and tax the proceeds of crypto activities at the same rate as securities profit-15%. Moreover, they legalized Bitcoin mining, at least with some regional regulations. For instance, authorities generally forbid mining in occupied Ukrainian territory and seasonally ban it in Siberia to regulate electricity availability.
Tkachev’s Bitcoin reserve proposal is not a solitary step, however. Other countries are following this trend too. In the US, Pennsylvania has proposed to invest 10% of the state funds in Bitcoin for the sake of protection against inflation and the speculation about President-elect Donald Trump considering a national Bitcoin reserve is increasing. The trailblazer country El Salvador began its reserve in 2021 and holds Bitcoins worth more than $554 million, bringing them extremely large unrealized profits.
The entrance of Russia into the field of cryptocurrency, Tkachev’s proposal may finally bring better financial rules into the country. However, it is still unknown if Russia plans to implement it. The effort signifies Russia’s interest in reforming cryptocurrency rules and adopting a new financial system, different from the one used in the past.
