各國推進各自的工作：比特幣作為國家儲備？

各國政府對比特幣的興趣現在已經超越了政治辯論，而是植根於戰略考慮。

In the face of evolving financial markets and geopolitical tensions, several governments and central banks are considering integrating bitcoin into their currency reserves. In the United States, a bill proposes the gradual acquisition of 1 million BTC over five years. In the Czech Republic, the governor of the central bank is examining the possibility of diversifying into crypto. Similarly, in Russia, political officials are pushing for a strategic reserve in bitcoin, while in Brazil, a project aims for an allocation of 5 % of sovereign reserves to this asset. This movement represents a notable shift in the institutional perception of bitcoin, which now transcends private diversification to become an economic and geopolitical issue. While El Salvador has already taken the plunge, other countries are moving cautiously, hindered by the volatility of cryptos and regulatory uncertainties. Between experimentation and resistance, a new financial dynamic is emerging, hinting at a possible shift in the equilibrium of the global monetary system.

面對不斷變化的金融市場和地緣政治緊張局勢，一些政府和央行正在考慮將比特幣納入其貨幣儲備。在美國，一項法案提議在五年內逐步收購 100 萬比特幣。在捷克共和國，央行總裁正在研究加密貨幣多元化的可能性。同樣，在俄羅斯，政治官員正在推動比特幣的戰略儲備，而在巴西，一個計畫旨在將 5% 的主權儲備分配給這項資產。這項運動代表了比特幣制度觀念的顯著轉變，比特幣現在超越了私人多元化，成為經濟和地緣政治議題。儘管薩爾瓦多已經採取了這項舉措，但其他國家卻因加密貨幣的波動性和監管不確定性而採取謹慎行動。在實驗和阻力之間，一種新的金融動態正在出現，暗示全球貨幣體系的平衡可能會改變。

Countries advance their pieces : bitcoin as a national reserve ?

各國推進自己的棋子：比特幣作為國家儲備？

The interest of governments in bitcoin now goes beyond political debates and is rooted in strategic considerations. In the United States, a bill proposes to gradually integrate 1 million BTC into national reserves over a five-year period. Led by Senator Cynthia Lummis, this text aims to strengthen the financial sovereignty of the country in the face of global economic uncertainties. “Such a reserve would be a protection against inflationary risks and a response to the decline in trust towards the dollar,” affirmed Lummis. However, despite marked support within the Republican Party, its adoption remains uncertain. The scale of the investment, estimated at 18 billion dollars at current prices, raises hesitations, as some consider bitcoin too volatile to serve as a national guarantee.

各國政府對比特幣的興趣現在已經超越了政治辯論，而是植根於戰略考慮。在美國，一項法案提議在五年內逐步將 100 萬比特幣納入國家儲備。該文本由參議員辛西婭·盧米斯 (Cynthia Lummis) 領導，旨在加強國家的金融主權，以應對全球經濟的不確定性。魯米斯肯定說：“這樣的儲備將可以防範通膨風險，並應對美元信任度下降。”然而，儘管共和黨內部得到了明顯支持，但該法案的通過仍存在不確定性。以當前價格計算，投資規模估計為 180 億美元，這引起了人們的猶豫，因為有些人認為比特幣波動太大，無法作為國家擔保。

Other nations are also exploring this path. Each is moving at its own pace. In the Czech Republic, the governor of the National Bank, Aleš Michl, has mentioned the possibility of diversifying reserves to include bitcoin. “We are analyzing several options, including cryptos, but nothing is finalized yet,” he specified. In Russia, where crypto regulation remains strict, political officials are beginning to view this asset as a strategic tool. Deputy Anton Tkachev has asked the government to consider creating a bitcoin reserve, citing the instability of traditional currencies such as the Chinese yuan and the American dollar. This positioning fits into a context where Moscow seeks to reduce its dependence on Western currencies and circumvent certain economic sanctions through the use of cryptos for international trade.

其他國家也在探索這條道路。每個人都按照自己的步調前進。在捷克共和國，國家銀行行長 Aleš Michl 提到了將比特幣納入儲備多元化的可能性。 「我們正在分析幾種選擇，包括加密貨幣，但尚未最終確定，」他指出。在加密貨幣監管仍然嚴格的俄羅斯，政治官員開始將這種資產視為一種戰略工具。副議員安東·特卡切夫（Anton Tkachev）要求政府考慮建立比特幣儲備，理由是人民幣和美元等傳統貨幣不穩定。這一定位符合莫斯科尋求透過使用加密貨幣進行國際貿易來減少對西方貨幣的依賴並規避某些經濟制裁的背景。

A still fragmented, but progressing global adoption

仍然分散，但全球採用正在取得進展

While some global powers are still pondering the integration of bitcoin into their national reserves, other countries are taking action. Indeed, in Brazil, a bill currently under discussion proposes allocating up to 5% of sovereign reserves to crypto. Brazilian lawmakers advocate this initiative as a way to protect the local economy from fluctuations in foreign currencies and geopolitical uncertainties. According to them, such a reserve would help stabilize the real, preparing the country for the transformations in the international monetary system. However, if this project succeeds, Brazil would become one of the first G20 countries to institutionalize bitcoin as a strategic asset.

儘管一些全球大國仍在考慮將比特幣納入其國家儲備，但其他國家正在採取行動。事實上，在巴西，目前正在討論的一項法案提議將最多 5% 的主權儲備分配給加密貨幣。巴西立法者主張這項措施是保護當地經濟免受外幣波動和地緣政治不確定性影響的一種方式。他們認為，這樣的儲備將有助於穩定雷亞爾，為該國應對國際貨幣體系的轉型做好準備。然而，如果該計畫成功，巴西將成為首批將比特幣制度化為戰略資產的 G20 國家之一。

Other states approach the issue from a more institutional and democratic angle. In Switzerland, a group of crypto experts has launched a petition aiming to obtain 100,000 signatures to submit the creation of a bitcoin reserve to a national referendum. “The Swiss legal framework allows us to explore this option with a transparent and thoughtful approach,” explains Yves Bennaïm, founder of the think tank 2B4CH. If the petition succeeds, bitcoin could be debated at the highest political level, in a country where financial innovation plays a key role.

其他國家則從更制度化和民主的角度來處理這個問題。在瑞士，一群加密貨幣專家發起了一份請願書，旨在獲得 10 萬個簽名，將比特幣儲備的創建提交給全國公投。 「瑞士的法律框架使我們能夠以透明且深思熟慮的方式探索這一選擇，」智庫 2B4CH 創始人 Yves Bennaïm 解釋道。如果請願成功，比特幣可能會在金融創新發揮關鍵作用的國家的最高政治層面展開辯論。

In South Africa, interest in bitcoin is taking on a political and economic dimension. The uMkhonto weSizwe Party (MKP) advocates for the adoption of a strategic reserve to reduce the country’s dependence on financing from institutions such as the IMF and the World Bank. This proposal is based on the idea that bitcoin could offer a sovereign monetary alternative, through protecting the South African economy from external pressures and fluctuations in the rand. The MKP also mentions the possibility of using bitcoin mining to leverage renewable energy surpluses, thus enhancing the energy independence of the country.

在南非，對比特幣的興趣正在上升到政治和經濟層面。 UMkhonto weSizwe黨（MKP）主張採用戰略儲備，以減少該國對國際貨幣基金組織和世界銀行等機構融資的依賴。該提案基於這樣的想法：比特幣可以透過保護南非經濟免受外部壓力和蘭特波動的影響，提供主權貨幣替代品。 MKP 也提到了利用比特幣挖礦來利用再生能源盈餘的可能性，從而增強該國的能源獨立性。

Despite the rise of bitcoin reserves, several challenges hinder its large-scale adoption. The extreme volatility remains a major obstacle, discouraging central banks from integrating such an unpredictable asset into their strategic reserves. Moreover, its acceptance as an official reserve would require profound regulatory reforms to align with international financial market standards. However, the evolution of monetary policies indicates a paradigm shift. Central banks and governments are increasingly considering cryptos in their macroeconomic decisions. Thus, the idea of bitcoin as a reserve asset is no longer a matter of speculation, but fits into a strategic debate on the future of global monetary reserves. If this trend continues, it could reshape international financial equilibria and provide states with an alternative to traditional reserves dominated by the dollar and gold.

儘管比特幣儲備有所增加，但仍有一些挑戰阻礙了其大規模採用。極端波動仍然是一個主要障礙，阻礙央行將這種不可預測的資產納入其策略儲備。此外，接受其作為官方儲備需要進行深刻的監管改革，以符合國際金融市場標準。然而，貨幣政策的演變顯示出範式的轉變。中央銀行和政府在宏觀經濟決策中越來越多地考慮加密貨幣。因此，比特幣作為儲備資產的想法不再是投機問題，而是符合全球貨幣儲備未來的策略辯論。如果這種趨勢持續下去，可能會重塑國際金融平衡，並為各國提供以美元和黃金為主的傳統儲備的替代方案。

After graduating from Sciences Po Toulouse and obtaining a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019.

從圖盧茲政治學院畢業並獲得 Alyra 的區塊鏈顧問認證後，我於 2019 年加入了 Cointribune 冒險。

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