Russia’s central bank gold-backed cryptocurrency a possibility

  • Bank of Russian president expresses interest in a gold-backed digital asset.
  • Central bank in Russia does not want cryptos substituting fiat currencies.

The central bank of Russia is deliberating issuing a gold-backed cryptocurrency according to a Russian news agency TASS report published on May 23. The president of the Bank of Russia Elvira Nabiullina mentioned that the institution had an interest in developing a gold-pegged digital asset that will be used for processing mutual transactions with international jurisdiction.

The president rather emphasized that it was essential to have better international remittance settlements working with fiat currencies. She was speaking at the State Duma where she gave examples of successful utilizing fiat currencies in international settlements executing under “the framework of the Eurasian Economic Union (EAEU), noting that the development demonstrated good dynamics.”

She reiterated Bank of Russia’s stance on cryptocurrencies adoption in the country’s financial systems. The bank does not support the idea of digital assets becoming an alternative to national currencies.

 

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.