Published: 2019.06.04. Cryptocurrency based on gold from the Central Bank of the Russian Federation

Cryptocurrency based on gold from the Central Bank of the Russian Federation - Preview

As it became known recently, the Central Bank of Russia is considering the possibility of creating a digital cryptocurrency based on gold, which can be used for settlements between EurAsEC states. About this last week told the head of the Central Bank of Russia Elvira Nabiullina.

The report says that the Bank of Russia checks the proposal to create a cryptocurrency, which will be provided with physical gold. Speaking to the deputies of the State Duma of Russia, Elvira Nabiullina stressed that the new currency based on the yellow precious metal can be used for settlements between states.

The TASS news agency reported the words of the head of the Central Bank of the Russian Federation: “As for mutual settlements between states, we will check the possibility of creating cryptocurrency for these purposes, which will be provided with physical gold. But in my opinion, it is much more important to develop mutual settlements in national currencies.”

According to Elvira Nabiullina, in the framework of cooperation of Eurasian Economic Community, there is a positive dynamics in the development of mutual settlements. She does not consider it possible to integrate cryptocurrency into the existing financial system of Russia. "We do not see the possibility of using cryptocurrency as a replacement for existing currencies."

According to the TASS news agency, in early 2019, EurasEC developed a proposal for regulating the use of cryptocurrencies in the territory of the Union member countries.

As it has been repeatedly reported, the Central Bank of Russia accumulates large amounts of gold in state reserves, buying it from Russian gold miners, which contributes to the development of precious metal mining in the country, as companies have thus guaranteed sales of their products.

Moreover, with the help of a yellow precious metal, the financial authorities of Russia intend to reduce the dependence of Russian reserves on the American dollar, diversifying them with gold. In this regard, for a long time there was speculation about the fact that Russia is developing with other allies the possibility of creating a currency based on gold. But these rumors were not confirmed.