• The gold-backed cryptocurrency may be used for mutual settlements between countries.
  • The regulator still opposes the idea of using digital assets as a form of money.

The Central Bank of Russia may consider the idea of a gold-backed cryptocurrency for mutual settlements with foreign partners, the Governor of the Bank of Russia Elvira Nabiullina said at the State Duma on Thursday as cited by the local media outlet Tass.

However, the head of the Russian central bank made it clear that the settlements in national currencies remain a priority. Also, she emphasized that it was more important to focus on promoting national currencies payments and noted good progress towards that goal within the  Eurasian Economic Union, 

Meanwhile, the Central Bank of Russia has long been an anti-crypto institution and opposed the use of cryptocurrency within the monetary system. Speaking in Duma, Nabiullina reiterated this position, saying that the regulator would not approve the idea of having digital assets as monetary surrogates.

Earlier this week, it has become known that the State Duma had been forced to delay the adoption of the long overdue bill on digital assets as the FATF (Financial Action Task Force) had required to expand the terminology of the proposed legislation by including the definition of cryptocurrencies. The legislators wanted to cheat on it to avoid contradictions with the skeptical Bank of Russia.


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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum 2.0 January 3, 2020 launch date remains unconfirmed

The Ethereum ecosystem is preparing for what is known as the biggest milestone for the network, Ethereum 2.0. The new protocol is still in the development stages and researchers have recently told the community that it is possible that there will be a delay in the launch.

More Ethereum News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast