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Russia is planning to create asset-backed cryptocurrency

Jun 04, 2019

Russia is still actively considering the question of whether cryptocurrency should be regulated at the government level. The head of nation's central bank said that the country is planning to create a gold-backed cryptocurrency in order to arrange the possibility of international settlements.

As reported by the head of the Central Bank of the Russia, Elvira Nabiullina, the bank acknowledges advantages of developing new crypto-coin to establish a fiat settlement system within the Eurasian Economic Union.

A lot of local crypto companies could benefit from a new set of cryptocurrency legislation that the lower house of the Federal Assembly of Russia, is scheduling to adopt in the course of the year.

The Central Bank and counterparts around the globe are evaluating possible solutions for this case within the framework of the international committee on payment and market systems.

Elvira Nabiullina stated:

"As for mutual settlements, we will consider, of course, your proposal on what cryptocurrency is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies"


At the same time, Nabiullina reaffirms the bank’s position in relation to digital currencies, which has previously spoken against the legalization of the virtual asset class.

Nevertheless, it seems that the creation of crypto legislation might not be a priority at the moment since it was reported last week that the Prime Minister of Russian Federation officially stated that cryptocurrencies have lost their popularity.

Read our blog to keep abreast of all actual crypto news.

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