Russia’s central bank is reportedly considering using a gold-backed cryptocurrency in order to facilitate international settlements, as reported by Tass.
The governor of the Bank of Russia, Elvira Nabiullina stated on Thursday that the institution will be reviewing a proposal for the development of the cryptocurrency. Nabiullina said at the nation’s lower house, or Duma:
“As for mutual settlements, we will consider, of course, [the] proposal on … a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies.”
As per her, the fiat currency settlement systems within the Eurasian Economic Union are improving and have “good dynamics.”
In the past, Russia’s government have been openly against cryptocurrencies, including blocking foreign exchange platforms from the country in 2017, which is why the current news comes as a surprise to all. A Russian minister even went on to say that cryptocurrencies will never make legal.
However, it seems that the nation has softened its stance and a digital assets bill could be passed this current session of the Duma, TASS indicates. As per today’s report, Nabiullina states that may use the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia’s monetary system. She said:
“We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”
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