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Crypto news from Russia seems to gain strong momentum in recent days. Recently, parliamentarian Anton Tkachev of the “New Light” party called on the authorities to catch up on cryptocurrencies. Specifically, he urged the creation of a strategic reserve in Bitcoin to face the commercial challenges that threaten the country as a result of the sanctions.
The parliamentarian highlights the advantages of Bitcoin as a decentralized asset and immune to sanctions. In that sense, incorporating it into Russia’s reserves would be much safer than maintaining reserves in foreign currencies such as dollars and euros. He emphasizes that Russia should undertake a massive purchase of BTC to take advantage of the rising value of the currency.
In a letter cited by RIA Novosti, the Duma deputy urges the country’s Finance Minister Anton Siluanov to take the necessary steps in this direction. He emphasizes that the qualities of the Cryptocurrency could be a refuge from the geopolitical storms that threaten that Eurasian nation.
Not controlled by any centralized entity, a strategic Bitcoin reserve would allow Russia to preserve its monetary strength in the face of sanctions. Thus, sanctions that seek to weaken the country’s reserves would be shielded. Likewise, the trade barriers that the country faces with its partners will also have less friction, Tkachev emphasized.
Bitcoin Strategic Reserve Could Be the New Buzzword
According to experts, the proposal of the United States Republicans to incorporate BTC into reserves would not take long to be replicated. In this way, in countries like China and Russia and even India, the authorities could proceed in the same direction as the North American country. The same can also be said of allied countries such as those of the European bloc and the United Kingdom.
Some representatives such as Cynthia Lummis propose that the Treasury and the Federal Reserve buy approximately 5% of the BTC circulation. If this law is approved in Congress, the currency would become the official reserve of the United States, along with gold and other international assets of great geopolitical weight.
In this way, the fight to see who owns the most Bitcoin could be the new trend among central banks around the world. These events unfold as gold and Bitcoin supporters pressure authorities to take immediate action.
Recently, MicroStrategy CEO Michael Saylor called on authorities to dump gold and buy BTC. For his part, gold evangelist Peter Schiff urged the Biden administration to take one last act and sell BTC reserves.
It is still unclear whether Russia will adopt Bitcoin as a strategic reserve. In the case of the US, the matter seems safer, considering that it is one of the Republicans’ campaign promises. Meanwhile, at the corporate level, massive purchases continue. MicroStrategy already has more than 423 thousand bitcoins and the shareholders of other companies such as Microsoft and Amazon want the adoption of BTC for these firms.
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