Bitcoin in state coffers. If the measure seems unthinkable for certain countries, more and more legislators are raising this possibility. So which are the countries where the arrival of BTC in reserves is under debate?
Bitcoin in state reserves
Beyond El Salvador, which adopted Bitcoin as its official currency in 2021, very few countries have communicated their intention to take a step towards cryptocurrency. But that could change. More and more legislators are raising the possibility of Bitcoin reservesstarting with the United States.
President-elect Donald Trump made a campaign promise to build up a Bitcoin reservejust like the foreign currency reserves held by the United States Treasury. The decision, if it were to be implemented, would constitute a small revolution. It could also encourage other countries to choose cryptocurrency.
« It will be the policy of my administration to retain 100% of the BTC that the United States government currently holds or acquires in the future.. »
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Already, several countries have started to outline what a Bitcoin reserve could be, through the voice of certain legislators. This is particularly the case for Russia. The country, in financial difficulty since the outbreak of the war in Ukraine, has strengthened its use of cryptocurrencies. A proposal was also made by Anton Tkachev, a State Duma deputy, at the beginning of December:
« I ask you […] to assess the feasibility of creating a strategic reserve of Bitcoins in Russia by analogy with state reserves of fiat currencies. »
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Several applications filed in Brazil and Japan
In Brazil, a bill was also published last November by the Chamber of Deputies. The plan is ambitious: the “Sovereign Strategic Reserve in Bitcoin (RESBit) » could represent up to 5% of the country’s international currency reserves.
Another country to have proposed this development: Japan. A lawmaker submitted a formal request this monthso that his country considers establishing a reserve in cryptocurrencies. In all these cases, these are of course proposals which at this stage can hardly lead to any developments. But they show that the subject is being discussed more and more internationally.
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In addition to these official requests, political figures are also considering this considerable change. In Poland, a presidential candidate has promised to make the country a “haven” for cryptocurrencies. In Europe, French MEP Sarah Knafo recently gave a very “pro-Bitcoin” speech in the European Parliament.
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A movement that will be initiated in the United States?
Unsurprisingly, eyes are on Donald Trump. If the president-elect were to fulfill his campaign promise, it is entirely possible that other countries will imitate it. The start of the year will therefore be crucial. Furthermore, it is also likely that nations are already setting up reserves… Discreetly.
In any case, this is the possibility that Changpeng Zhao, the former CEO of Binance, mentioned with regard to his native China.
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The lines are therefore moving internationally, and if at present El Salvador acts as an outsider, it is possible that it will be joined by other economies in the coming years.
Illustration: Cabinet Secretariat, Cabinet Public Relations Office via Wikimédia Commons (CC BY)
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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