• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
crypto russia gold bitcoin
Nexo

Russian Central Bank ‘Would Consider’ Creating Gold-Backed Cryptocurrency

Esther Kim by Esther Kim
2 years ago
in Altcoins, Bitcoin, Bitcoin Technology, News, News teaser
0

Russia’s central bank would consider creating a new cryptocurrency backed by gold for international settlements.


Gold-Backed Crypto Could Have Use In Settlements

That was the latest information to come from Elvira Nabiullina, head of the Bank of Russia, speaking to the country’s parliament, the Duma, about current plans involving cross-border finance.

In principle, Nabiullina said in response to a query from one politician present on the Duma’s financial markets committee, the central bank is not opposed to creating a gold-backed cryptocurrency.

Nabiullina russia central bank

This, she said, would be within the framework of international settlements between Russia and elsewhere. Nevertheless, fiat alternatives currently in use still take precedent over crypto.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“As far as settlements are concerned, we will consider your suggestion regarding what a cryptocurrency backed by gold would look like [in this setup],” she told the committee.

In my view, however, it is still more important to develop settlements in national (fiat) currencies.

Stablecoin Doubts

Russia has had a complicated relationship with state-backed crypto. Recent years have seen various plans come and go, with the latest incarnation of the country’s so-called ‘Cryptoruble’ set for launch this year in the form of a stablecoin.

Nevertheless, it now appears the central bank itself is less than keen on a stablecoin forming a specific part of the Russian financial system. Even within the frames of its regulatory sandbox, crypto has little perspectives, according to Nabiullina.

“We don’t see a possibility for cryptocurrency to fulfil the role of a money surrogate… and are practically not considering it within the context of the regulatory sandbox,” she added.

As Bitcoinist previously reported, Russia’s overall attitude to cryptocurrency remains opaque despite promises of regulation to unify the landscape.

Various sources continue to present different views on what cryptocurrency is and how citizens should be able to use it, while a statistics point to a lively P2P exchange market for Bitcoin in particular.

In April, one Kremlin economist foresaw the ineffectiveness of a gold-backed state cryptocurrency, despite the potential benefits in helping the sanctioned Russian economy increase its flow of funds.

Around the same time, the same economist claimed that businesses and the elite were actively accumulating Bitcoin in huge amounts – to the tune of over $8 billion.

“There is no direct involvement of Russian state but some who buy bitcoin are awaiting that the increasing US sanctions will make impossible to do international transactions as usual so they purchase bitcoin as a way to circumvent US sanctions,” Vladislav Ginko said.

What do you think about the Russian central bank’s position on a gold-backed cryptocurrency? Let us know in the comments below!


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Esther Kim

Esther Kim

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.