Bank of Russia to consider using a gold-linked cryptocurrency

The central bank will consider a proposal to issue a cryptocurrency pegged to the gold rate in order to use it for interstate settlements, reports TASS.

The head of the Bank of Russia Elvira Nabiullina said in the State Duma that despite the negative attitude towards the use of cryptocurrencies as a monetary surrogate, the regulator will study the proposal to create a digital asset backed by gold. However, in her opinion, it is more important to improve settlements in fiat currencies, which is confirmed by the positive dynamics of development within the EAEU..

She also recalled that the position of the Central Bank regarding the introduction of virtual currency into the monetary system of the Russian Federation remained the same. The Central Bank does not see the possibility of using cryptocurrencies as an alternative to the ruble.

In April, the regulator published a study on the outlook for the central bank’s digital currency. The financiers came to the conclusion that this asset can increase the liquidity and efficiency of the banking system, but its use is associated with a number of risks that can destabilize the economy..

Earlier, the State Duma postponed the adoption of the law on the CFA due to FATF requirements for regulation of cryptoinstruments, but plans to hold a second reading before the end of the spring session.

text: Ivan Malichenko, photo: russia-insider

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Bank of Russia to consider using a gold-linked cryptocurrency

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