Russia may use gold-backed cryptocurrencies in the future

Russia central bank crypto

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Russia’s central bank, which has been an instrumental participant in the upcoming Russian crypto regulation is considering to use gold-backed cryptocurrencies for future transactions as mutual payments.

Although the bank voiced its opinion by supporting the regulation, they are still very much interested in using the new digital assets. And it looks like foreign remuneration could be their best bet of implementing it in the economy.

The head of the Central Bank of Russia, Elvira Nabiliullina, has mentioned that at this point it’s much more important for the country to conduct foreign transactions in the national currency, so as to strengthen it for the trying times ahead.

The bank doesn’t want cryptos?

The central bank confirmed once again that no matter how much more value cryptos can possibly bring to the economy they are not ready and are against the notion of replacing fiat RUB for cryptos.

Although, the idea of using gold-backed cryptos is vaguely similar to the economic system Russia has at this point, therefore the head of the Bank is somehow contradicting herself with that notion.

Nevertheless, the gold-backed crypto is a long ways off, as the regulation is being drafted as we speak. Most likely, by the end of June, we’ll see a crypto regulated market in the Russian Federation, and only after that can the proposed crypto be considered as a possible reality.

However, Nabiliullina did mention that Russia is benefiting from their national currency payment strategies in the Eurasian region, and are not considering to alter it anytime soon.

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Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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