Russia considers gold-backed crypto

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According to information from the news agency Tass, the Russian central bank is considering the use of a gold-backed cryptocurrency to facilitate international settlements.

Elvira Nabiullina, governor of the Bank of Russia, told the State Duma this week: “As for mutual settlements, we will consider, of course, your proposal on what a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies.”

According to Nabiullina, the Bank of Russia opposes the use of cryptocurrency in the country’s monetary system. “We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part,” she told the government.

She added that now the settlements in national currencies in the framework of the Eurasian Economic Union are developing and there is a “good dynamics.”

As Coindesk says, referring to previous articles: “The news is perhaps surprising, as Russia’s government has been famously anti-crypto in past years, moving to block foreign exchange platforms from the country in 2017 and even blocking media sites that covered the topic back in 2015. A minister once said that Russia would never make cryptocurrencies legal.”

In early 2019, the Eurasian Economic Commission (EEC) has prepared a report for leaders of the Eurasian Economic Union (EAEU) member-states on cryptocurrencies as part of efforts to formulate regulation framework in that field. The EEC’s Minister of Integration and Macroeconomics, Tatyana Valovaya said:

“We have prepared an analytical report and will present it soon, that will analyze what cryptocurrencies are, what is happening in the world, what approaches countries have, what regulation is provided.”

The minister also noted that a common financial market is being created within the Eurasian Economic Union by 2025. “If the trend of cryptocurrencies and blockchain development is picking up pace, we have to realize that,” she said, adding that “a pool of experts from all five countries has been formed within the (EAEU) platform.”

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