Eastern Europe

Russia To Consider Gold-Backed Cryptocurrency

Russia To Introduce Gold-Backed Cryptocurrency

Russia’s central banker, Governor of the Bank of Russia Elvira Nabiullina, announced the bank would consider developing a gold-backed cryptocurrency for settlement of international transactions.

Russian President Vladimir Putin has been active in supporting Russian cryptocurrency efforts.

“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,” she said at the State Duma, reported Russian state news agency TASS.

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 said.

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.

“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,” Eurasian Economic Commission (EEC)’s Minister of Integration and Macroeconomics Tatyana Valovaya said.

The minister 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,” reported TASS.

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