Gold-Backed Crypto Will Settle Payments In Russia: RSB

Gold-backed crypto will be implemented in Russia because of its immutability and censorship that the government appreciates. Following the latest cryptocurrency news coming from Russia, we are about to read more about their decision.

Russia is not the only country that considered using gold-backed crypto. For instance, Iran did it as well in order to conduct business with other countries. The Central Banker Elvira Nabiulina was not thrilled about the idea of the cryptocurrency saying that a settlement mechanism based with national currencies would be a better idea:

 “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.”

Russia has been going on and off on the subject of cryptocurrencies. The government considered a ban on cryptocurrencies, then only for crypto trading but none of that happened and now the current stage for the legality and regulation of cryptocurrencies is unknown. Due to the lack of regulation in the country one economist fooled many western outlets into believing that Russia is going to procure about $10 billion in cryptocurrency.

The country considered the ban on cryptocurrency which the central banks especially likes but is now working on a regulatory framework that stops normal people from acquiring and trading cryptocurrency. The digital regulations are also inconsistent with the mentioned ‘’ digital iron curtain.’’ President Vladimir Putin even ordered experts to work on creating a ‘’CryptoRuble’’ that will help the country to subvert the western sanctions.

As reported in the best cryptocurrency news sites, Russia is a part of the Eurasian Economic Union whose members include the former Soviet-bloc countries. The EAEU Minister of Integration Tatyana Valovaya was more keen on using gold-backed crypto to settle payments and stated:

 “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. […] If the trend of cryptocurrencies and blockchain development is picking up pace, we have to realize that.”

As mentioned, other countries are already working on gold-backed cryptocurrencies for international settlements such as Iran. Other Middle Eastern nations also transact with each other by using decentralized ledgers.