Gold-backed Russian crypto is still under exploration and the possibilities of developing it are high in order to be used as a cross-border settlement alternative for other countries and we read more about it in the coming altcoin news.
Due to the heavy sanctions from the United States, the potential of the value of gold-backed Russian crypto could help the country escape from the usage of the Dollar as the main currency standard. Russia’s State Duma member Vladimir Gutenev proposed the creation of the cryptocurrency and he suggested that the pegging of the value to gold could alleviate issues related in cryptocurrencies and that this idea could be linked to a stablecoin.
Russia has been on standby on gold reserves as a way to fight the US Dollar and by boosting the reserves could allow the country to diversify foreign exchange and to reduce the high reliance on the US dollar. This has been a policy of Russia for quite some time. The central bank also reported that back in May their gold holdings reached up to $492 billion. The idea of tokenizing of their stores would give them much more freedom and power with the value of the gold reserves. Cryptocurrencies that are launch by the central bank are still met with high resistance.
The head of the Central Bank of Russia Elvira Nabiullina stated:
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”
Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”
As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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“For business or leisure, flight travel can be expensive with consumers saving for months to afford a trip. Considered a high ticket item, it is imperative that consumers are protected when booking flights. Utrust is providing Alternative Airlines’ customers with the increased security and convenience of cryptocurrency payments, and reducing processing fees, to bring greater transparency and trust to the world of online payments.”Obviously, the Bitcoin news now show that BTC will be the main option for people interested in booking flights with the UK travel company.Before this, reports in August showed that the Portuguese sports club SL Benfica also partnered with Utrust to facilitte payments via cryptocurrency for tickets and merchandise. In a similar way, the new payment option will allow travellers of Alternative Airlines to buy plane tickets with Bitcoin (BTC) as well as the native Utrust token (UTK).The news also showed a spike in the price of Utrust (UTK) which is now at $0.0191 with a 3.42% daily increase following the partnership.
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“You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency,” Murphy notedAs you can see, she was also pointing out to the fact that the firm does not offer crypto on retail trading platforms to protect its clients.
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