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.

 

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