{"id":383541,"date":"2019-05-23T23:00:35","date_gmt":"2019-05-23T23:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=383541"},"modified":"2019-05-23T20:21:35","modified_gmt":"2019-05-23T20:21:35","slug":"russia-opposed-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/russia-opposed-crypto\/","title":{"rendered":"Bank of Russia: We are Opposed to Crypto, But May Consider Gold-Backed Digi-Asset"},"content":{"rendered":"
According to local news publication TASS<\/a>, the Bank of Russia<\/a> will consider a gold-backed digital currency for use in international settlements. However, the institution remains opposed to truly decentralised crypto assets.<\/p>\n The world power has reportedly mulled the idea of creating a digital currency before and it is also believed by some that the Venezuelan<\/a> experiment into crypto with the Petro was a Russian-backed way to study the tech in action.<\/p>\n The Govenor of the Bank of Russia, Elvira Nabiulina, has stated that the institution will consider the suggestion that a gold<\/a>-backed digital currency could be used to facilitate international settlements. The proposal was made in the State Duma (lower house of the Federal Assembly of Russia). Nabiulina responded:<\/p>\n “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.”<\/p><\/blockquote>\n She went on to state that settlements made using the national currencies of members of the Eurasian Economic Union (EAEU) were continuing to function with “good dynamics.”<\/p>\n This is not the first time that Russia has toyed with the idea of creating a digital currency. The previous effort<\/a>, the Crypto Ruble, as it came to be known, appears to have been dismissed for now, although NewsBTC is not aware of any developments either way with regards to it.<\/p>\n Similarly, Russia is though to have been behind Venezuela’s spectacular flop into the world of digital currency with the oil-backed Petro. NewsBTC<\/a> reported at the time on the rumours that Russia had actually backed the creation of the first ever state-issued digital asset as an intelligence gathering exercise on how to evade international sanctions using decentralised currency. These remain rumours, however.<\/p>\nBank of Russia Will Mull Gold-Backed Digital Asset But Crypto Not on the Agenda<\/h2>\n