A deputy of the Russian State Duma suggested creating a strategic reserve in BTC to strengthen the country’s economic stability.
Following the example of the American pole, the Kremlin could now dedicate a part of its balance sheet to the accumulation of cryptocurrencies.
Meanwhile, Putin praises Bitcoin and launches a new tax regime favorable to cryptocurrencies.
All details below.
Russia willing to imitate the United States and create a reserve in BTC: the plan proposed to the Duma
The latest news takes us directly to Russia, where State Duma deputy Anton Tkachev proposed allocating a strategic reserve in BTC.
The member of thenew peopleThe party invited its colleagues to consider the plan as a form of protection against exposure from other Western countries.
Allocating a portion of the Kremlin’s budget in Bitcoin could significantly increase the financial stability of Russiacompensating for the inefficiency of other assets.
According to local Moscow media, Tkachev has formally presented this proposal to the Duma to Finance Minister Anton Siluanov.
The proposal focuses on the limits of traditional foreign exchange reserves, denominated in dollars, euros, yuan and rubles. At the same time, the deputy suggests that BTC could offset its inflation, also helping to overcome international sanctions.
This is what the Duma legislator wrote verbatim:
“I ask you, dear Anton Germanovich, to evaluate the feasibility of creating a strategic Bitcoin reserve in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to present it to the government of the Russian Federation for further implementation.”
Probably the Russian political orientation favorable to btc It was triggered by the victory in the US elections of Donald Trump.
In fact, the Republican billionaire has adopted a pro-crypto vision in which the orange coin acts as a cornerstone of the new American economy.
When he formally takes office as president in January, he could announce the purchase of a national crypto reserve, confirming promises made during the election campaign.
In Pennsylvania there is already talk of a bill that proposes the allocation of 10% of state funds in BTC, as a means to diversify investments.
Putin recognizes cryptocurrencies as property within a favored tax regime: law approved by the Duma
The proposal of BTC reserves to the Russian State Duma aligns with President Vladimir Putin’s recent public endorsement of cryptocurrency.
The oligarch reportedly praised Bitcoin last week, stating that no one can ban it or counter its rise.
Within the framework of the economic forum”Russia calling”, organized by VTB Bank, Putin also presented a New regulatory reform favorable to cryptocurrencies.
Announced at the end of November, the bill recognizes digital currency for foreign commercial transactions under an experimental legal framework.
This type of asset officially becomes property, generating a feeling of support at a time of maximum market expansion.
The new law also imposes a new favorable tax regime, where mining and the sale of securities are exempt from value added tax (VAT).
The Russian State Duma, the lower house of parliament, approved this reform on November 26, before it went to Putin’s desk.
The framework aims to regulate the cryptocurrency sector with a focus on transparency and accountability of organizations involved in the sale and distribution.
It is important to highlight how The new legislation still limits tax options for entities involved in mining.which remain subject to standard income tax rates.
This classification still requires that mining expenses be deducted before determining taxable income.
At the moment, personal income tax for digital currency transactions is 13% for income up to 2.4 million rubles and 15% for amounts above.
Starting in 2025, corporate profits from mining will be subject to a 25% tax.
Penalties for non-compliance with the regulations reach up to 40,000 rubles ($382.78).
Russia and BTC mining
Regarding mining, we remember that Russia had legalized BTC mining crypto activity at the end of July 2024.
The president canceled all previous restrictions, marking a sharp regulatory shift from the last prohibition policy.
In any case, some limits are still active in certain regions, including Donetsk, Lugansk, Zaporizhia and Kherson. Siberia also faces seasonal restrictions on mining between December 2023 and March 2031 to manage electricity demand.
The law approved by the Duma has introduced the possibility that anyone can take advantage of their computing power to mine btcstarting November 1, 2024.
Legal entities and individual entrepreneurs registered with the Ministry of Digital Development can also carry out this business.
The regulation simultaneously introduces a ban on advertising cryptocurrencies and offering them to an unlimited number of people.
Putin It has also introduced a supervisory team, divided between several institutions, including the Bank of Russia.
The latter will have the right to introduce a ban or restriction on digital currency transactions to preserve the monetary stability of Russia.
At the same time, the country’s economic entity may allow authorized companies to carry out cross-border transactions and digital currency exchanges.
Companies and corporations operating in cryptography must necessarily contact the central institution to request entry into the experimental regime.
