Russia Considers Bitcoin Reserve To Overcome The Impact Of International Sanctions

JAKARTA - As part of efforts to strengthen the country's financial resilience, Russia is currently considering forming a Bitcoin Reserve. This effort is aimed at reducing the impact of Russia's combined international sanctions.

Anton Tkachev, a member of the Russian State Duma, proposed this idea in a letter addressed to Finance Minister Anton Siluanov. Tkachev highlighted that traditional currency reserves such as US dollars, euros, and yuan are now increasingly exposed to the risk of inflation, volatility, and pressure from economic sanctions.

Bitcoin, known as a decentralized digital asset, is considered to have an advantage because it does not depend on any country's financial system. In his letter, Tkachev emphasized that Bitcoin can be an alternative to avoiding dependence on traditional reserves that are prone to uncertain geopolitical conditions.

According to him, the formation of the Bitcoin Reserve could strengthen Russia's economic stability, especially amid growing tensions with Western countries. Tkachev proposed that the Russian Ministry of Finance conduct an in-depth study on the feasibility of forming Bitcoin reserves.

In his letter, he also reminded that Bitcoin has shown significant profit potential, with the value of this digital currency which in December 2024 reached 100,000 US dollars (Rp1.6 billion). This, according to him, is not only an instrument to maintain economic stability, but also as a profitable investment opportunity.

Meanwhile, the Central Bank of Russia is studying the potential use of cryptocurrencies in transactions between countries. This is increasingly relevant considering that traditional financial systems are increasingly difficult to access by countries subject to international sanctions, as reported by Coincu.

However, this idea is not new. On the global scene, interest in Bitcoin as a strategic asset reserve is growing. In the United States, for example, Senator Cynthia Lummis has proposed the formation of a national Bitcoin Reserve through the "Bitcoin Act of 2024." In fact, former President Donald Trump also supports the use of Bitcoin to increase the country's economic resilience.