According to the reports given by the national news agency of Russia, RIA the central bank of Russia is planning to start a cryptocurrency that is backed by gold. While this is the situation in one scenario, the national bank, on the other hand, is saying that this digital currency will not replace Russian Ruble.
The bank stated that the lower house of Russia has accepted to introduce a centralized cryptocurrency that is backed by gold and it will be announced internationally once all the formalities are done.
Politician Elvira Naibullins questioned the head of the bank about this currency. He stated that the bank would follow the house’s suggestion and design the cryptocurrency that is tangled with gold. He also emphasized the importance of developing settlements in national currencies.
Russia is one of those countries which is skeptical about the cryptocurrency. Last year the country tried to replicate other countries like Japan, Malta etc to normalize the crypto industry but failed miserably.
If previous reports are to be believed, the Russian parliament aimed to legalize the usage of cryptocurrency at the start of Q3 in 2018. However the President of Russia, Vladimir Putin has given the parliament another aim. The assembly has to make proper laws regarding the digital currency and controlling it.
Elvira wants to introduce a stable coin in the country as it is not as unpredictable as cryptocurrency. He hasn’t mentioned anything about the gold backed cryptocurrency though.
Although Elvira was optimistic about the stable coins, the banks of Russia are not ready to accept the cryptocurrencies yet. The banks are not seeing cryptocurrencies as a prospective monetary replacement.
Russia is in confusion about incorporating and legalizing the digital currency.