Russia follows a similar Bitcoin adoption approach, as seen in the US jurisdiction for Bitcoin.
The rivalry between the United States and Russia is a long-standing geopolitical conflict rooted in ideological, military, and political differences. However, the Russian and American economies were sufficiently integrated before 2022. In February 2022, the conflict between Russia and Ukraine acted as a major catalyst to inject more hatred between Russia and Western countries. Russia is currently under multiple types of sanctions and is trying to circumvent financial sanctions through payment services focused on crypto and blockchain technology.
On December 10, 2024, Russian State Duma deputy Anton Tkachev proposed creating a strategic Bitcoin reserve, just like the United States.
With this new plan, Antón intended to give a greater boost to the country’s financial stability.
Anton is a member of the New People party and his decision reflects his growing inclination towards the Bitcoin sector.
He presented his proposal to Finance Minister Anton Siluanov, affirming the potential of Bitcoin as an independent financial digital asset that is free of international sanctions and also other risks such as inflation and the limits of traditional fiat currencies.
It is worth noting that Russian government agencies are softening their stance on cryptocurrency regulation. Recently, Russian President Vladimir Putin stated that Bitcoin and other digital assets cannot be banned and will continue to grow because they provide greater efficiency.
Bitcoin Spot ETF Capital Inflow
On December 9, 2024, the Bitcoin spot ETF market recorded net inflows of $479 million, marking eight consecutive days of inflows. BlackRock’s IBIT had $394 million and Fidelity’s FBTC had inflows of $175 million on the same day.
On December 10, the BTC spot ETF market is expected to see a net outflow of money as the trading price of Bitcoin faced a significant correction on cryptocurrency spot trading exchanges.
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