VEB.RF proposed to issue gold-backed stablecoin
The institute’s analysts argue that economic sanctions will be ineffective against such an asset
![VEB.RF proposed to issue gold-backed stablecoin](https://storage.getblock.net/source/1/5JxGDVjppJVF8_wmgq176lC1V5rwYVyX.webp)
22.06.2022 - 07:20
251
2 min
0
What’s new? Analysts at the VEB.RF Institute for Research and Expertise have proposed the issuance of a gold-backed stablecoin in Russia. This is reported by RBC with reference to the report “International payments in the context of sanctions: state and prospects”. The asset will be intended for external settlements, including between third countries without Russia’s participation. According to experts, economic sanctions cannot be applied against the “golden ruble,” as the currency rate will be pegged to the rate of gold on the world market.
What else does the document say? Analysts also suggested creating a national cryptocurrency exchange or implementing a mechanism to work with digital assets on exchanges in friendly countries, which could be used by the largest companies included in the sanctions lists.
In addition, VEB proposed to the Bank of Russia to create a system of international settlements in national digital currencies based on the technologies of the distributed ledger. However, analysts noted that such a decision requires political coordination. The main goal of the project is to create a cheaper and faster system of cross-border payments.
In late May, the Bank of Russia announced the launch of a pilot version of the digital ruble project on real transactions and customers in April 2023. The launch had previously been planned for 2024. The accelerated development is linked to anti-Russian sanctions.
In June, Central Bank Governor Elvira Nabiullina said that the regulator allows the use of cryptocurrencies in international settlements. In this, digital assets should not penetrate the financial system of the Russian Federation and be used within the country as a means of payment. She also added that cryptocurrencies should not be used in organized trades in the Russian Federation because of their high volatility.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024