(BlockBar) Even though the bank of Russia has remained opposed to truly decentralised crypto assets, it has taken a big step in the world of cryptocurrency with considering a gold-backed digital currency for use in international settlements. The world power has cogitated on the idea of creating a digital currency before as well. It is to be considered that the Venezuelan experiment into crypto with the Petro was a Russian-backed way to study the application of the tec, however there is no confirmation over that.
The proposal over the gold-backed digital currency was made in the State Duma. Elvira Nabiulinahe, the governor of the Bank of Russia, said that the institution will consider the suggestion that a gold-backed digital currency could be used for international settlements. Nubiulinahe stated:
“As for mutual settlements, we will consider, of course, your proposal on a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies.” She also stated that the settlements made via national currencies of members of the Eurasian Economic Union (EAEU) were continuing to function with “good dynamics.”
It is to be noted that it is not the first time that Russia has thought about the idea of creating cryptocurrency. Another effort was made, which came to be known as Crypto Ruble. However, it seems that it has been dismissed for now there is no awareness regarding the development of it in either way. Nabiullina also discussed about true, decentralised crypto assets after the announcement on the agreement to investigate the use of a gold-backed digital currency for international settlements. She clearly said that the institution was never in favour of unregulated digital currencies being used in the nation’s economy:
“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.” According to the governor, a report has been prepared by the leaders of EAEU in which the phenomena of cryptocurrency is observed in the context of global economics and politics. The central bank governor goes on to say that crypto experts from the five countries have come together to consider regulation and different approaches to this technology and that it will be important to pay close attention to it as it develops.
