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Author Topic: Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit  (Read 8778 times)

Offline sirty143

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Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit


Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran... See more for yourself here.

Your opinion is greatly appreciated.

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Online Peter90

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Currently - starting the 1st of January - Russia has the presidency of the BRIC organisation (I hope I'm not wrong).
If they are serious with this gold-backed stablecoin idea, I think they'll propose it in the next months within the organisation.


This stablecoin should be used in order to settle surplus/deficits in international trades between BRIC countries.
This would be a solution for the fact that those countries don't trust each other's national currencies.
Using gold - the most trusted currency in the world - as settlement medium would boost international trades within BRIC countries.



Offline jonathancool220

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A stable coin that is backed up with gold will definitely rise and fall according to the price of gold, right?
Or what kind of coins will be created, will they be like USDT, USDC and DAI coins?

BRIC countries should also be able to agree to the launch of coins stabilized with gold because it will make BRIC member countries less dependent on the US Dollar.
So far we also know that the US and the BRIC countries are at odds with each other, if there is an option like this (stable coins that are adjusted to Gold) then they should be accepted. CMIIW

Online Peter90

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A stable coin that is backed up with gold will definitely rise and fall according to the price of gold, right?
Or what kind of coins will be created, will they be like USDT, USDC and DAI coins?

Hi Jonathan
you are using the USD as the benchmark for stability.
That's a mistake.

It's the common mistake of considering the USD as representing stability and measuring everything else's stability/volatility vs. the USD.


Just in order explain it graphically: You are looking at things this way




whereas you should look at things this way




Gold - not the USD - should be your horizontal line, the benchmark, the stability.

Fiat currencies' stability should be measured vs. the purchasing power of gold.




Stability of a currency = stability of its purchasing power, not stability of its $ price



You write
A stable coin that is backed up with gold will definitely rise and fall according to the price of gold, right?

No. It's not the gold price that rise and fall vs. the USD, it's the USD purchasing power that rise and fall - mostly fall  :D - vs. the purchasing power of gold.

That's the rational way to look at things.
That's how Russia and China see things.

They don't need to stabilise the gold-backed stablecoin vs. the USD.
It's the FED who needs to stabilise the purchasing power of the USD vs. the purchasing power of gold. (Good luck with that)

A gold-backed stablecoin doesn't need to be "stabilised" - particularly not vs. a currency like the USD that is losing 8% of its purchasing power on a yearly basis!  :D

« Last Edit: January 08, 2024, 09:56:10 AM by Peter90 »

Online Peter90

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The potential issuance of a stablecoin backed by gold by Russia for international settlements aligns with a trend where various countries explore digital currencies for cross-border transactions. A gold-backed stablecoin could offer stability and confidence in transactions, leveraging the tangible value of gold.

However, it's important to follow developments closely, as the success and acceptance of such initiatives depend on various factors, including regulatory considerations, international cooperation, and market reception. Gold-backed stablecoins can provide an interesting blend of traditional assets and digital currencies in the evolving landscape of financial technologies.

Offline Wiseman

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Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit


Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran... See more for yourself here.

Your opinion is greatly appreciated.
To be honest, I do not believe in such statements, especially from countries in which the entire government consists only of corruption, it is just another duck), which develop once again, now not even one fiat currency is not backed by gold, or anything else, and here they will provide cryptocurrency with gold  ;D
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Online Peter90

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To be honest, I do not believe in such statements, especially from countries in which the entire government consists only of corruption, it is just another duck), which develop once again, now not even one fiat currency is not backed by gold, or anything else, and here they will provide cryptocurrency with gold  ;D

Hi Wiseman
They don't need to back up that new currency with gold.
They only need to peg its value to gold.

This is the problem: those countries trade with each other,
on a regular basis they have to settle their balance,
they don't trust each other's currency,
Russian don't trust Yuan,
Chinese don't trust Ruble.

Until today these countries settled their trade balances with $,
today we are in the process called de-dollarisation = countries don't trust the $ anymore so they leave it aside,
so they need a new currency which is more stable than $.

Which currency is more stable than the $, is internationally liquid like $, and doesn't create political dependancy like the $?
Gold.

This new currency - which will be used only for international trade settlement, not as a means of payment within countries - doesn't need to be backed up by metal stocks stored in a vault some place.
This new currency will simply have its value pegged, linked to the price gold.


Offline Wiseman

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To be honest, I do not believe in such statements, especially from countries in which the entire government consists only of corruption, it is just another duck), which develop once again, now not even one fiat currency is not backed by gold, or anything else, and here they will provide cryptocurrency with gold  ;D

Hi Wiseman
They don't need to back up that new currency with gold.
They only need to peg its value to gold.

This is the problem: those countries trade with each other,
on a regular basis they have to settle their balance,
they don't trust each other's currency,
Russian don't trust Yuan,
Chinese don't trust Ruble.

Until today these countries settled their trade balances with $,
today we are in the process called de-dollarisation = countries don't trust the $ anymore so they leave it aside,
so they need a new currency which is more stable than $.

Which currency is more stable than the $, is internationally liquid like $, and doesn't create political dependancy like the $?
Gold.

This new currency - which will be used only for international trade settlement, not as a means of payment within countries - doesn't need to be backed up by metal stocks stored in a vault some place.
This new currency will simply have its value pegged, linked to the price gold.

It is not the first time we all hear that the dollar will soon depreciate and no one will use it, but in fact it is the most popular currency in the world.
If we talk about what to replace it with, now it is the euro, its stability is ensured by the entire European Union.
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Online Peter90

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Don't change the subject Wiseman
The point of my posting was your statement that that new currency needed to be backed up by metal stocks stored some place.
I explained why that's not true.


That said, let's turn to the points you are making now

but in fact it is the most popular currency in the world.

That doesn't matter Wiseman
When talking about the future, static pictures are meaningless. You need to look at trends
De-dollarisation - beside being a fact - is a trend!

This is a chart of USD as world reserve currency




I can't find a chart about USD as international trade settlement currency - maybe some can help? - so I'll just hang a link to an article:

Countries worldwide are dropping the US dollar: De-dollarization in China, Russia, Brazil, ASEAN
"The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar.
China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade."

Article is 1 years old. De-dollarisation has quickly progressed since then!



It is not the first time we all hear that the dollar will soon depreciate

Will soon depreciate?
The $ has been depreciating since you were born  :D

     




If we talk about what to replace it with, now it is the euro, its stability is ensured by the entire European Union.

Its stability?
Do you mean this stability?


« Last Edit: January 30, 2024, 12:50:09 PM by Peter90 »

Offline Stompix

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Re: Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
« Reply #10 on: January 30, 2024, 02:36:35 PM »
Its stability?
Do you mean this stability?




No, this stability:


and


Tough choice who should I trust
- a country (US) or an union (EU) that has never defaulted on its debt
- two countries have have default 5 times in the last two decade, that have lost 60 and 700% of their currency purchasing power in the last decade, that are known to outright lie about everything, that are not respecting other countries integrity so I guess who much they care about IOU promises

BTW, who is going to make sure those currencies are actually backed by gold?
Cause the last guys that tried to make inquires have committed suicide by shooting themselves 30 times in the back then drink 20 ml of novichok, only to jump then from the 10th floor of their two story high building directly in the path of a car with fake license plates than run away!

Don't change the subject Wiseman
The point of my posting was your statement that that new currency needed to be backed up by metal stocks stored some place.
I explained why that's not true.


That said, let's turn to the points you are making now

but in fact it is the most popular currency in the world.
"The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar.
China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade."

First ASEAN means also Philippines, Thailand, and Vietnam and those guys hate China more than the US, so good luck with that!
Second, both the UAE dirham and the Saudi riyal are pegged to the USD, so lol!

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Offline Wiseman

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Re: Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
« Reply #11 on: January 31, 2024, 07:30:18 AM »
I will put it simply, I do not believe in providing something with gold, not only fiat currencies but also as in the title of this topic in providing cryptocurrency with gold, I may be wrong about the superiority of the dollar but I know that if I have it I can go to any country and even use it there, or in extreme case I will exchange it, which is not the case with other currencies.
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Re: Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
« Reply #12 on: February 03, 2024, 02:17:56 PM »
I will put it simply, I do not believe in providing something with gold, not only fiat currencies but also as in the title of this topic in providing cryptocurrency with gold

I respect your position Wiseman
I'm not here to convert people to gold  :D
I confront statements with data, but at the end of the day everybody is free to make his choices.



but I know that if I have it I can go to any country and even use it there, or in extreme case I will exchange it, which is not the case with other currencies.

"Do special operations carry gold coins as a universal currency if in an emergency situation calls for paying people off to get them back to base?"

"As another answer has stated, at least two books have been written by UK ex-Special Forces (SAS) personnel that explicitly stated that they carried gold coins for emergency purposes. The books are ‘Bravo Two Zero’, by Andy McNab, and ‘The one that got away’, by Chris Ryan.
Both of these books stated that the personnel going on the patrols behind enemy lines in the first Gulf War were issued 50 gold sovereigns each, concealed in a long strip in the trouser waist band so that it would be relatively well concealed by the belt and the cloth of the waist band.
So, if we take this as accurate, the answer is yes."

"I do remember hearing that about it in the WWII era on both sides. Germans got around with it after the war (not sure why that was it, instead of them taking it & that's it). The US & I think the British both had gold kits & stuff like that."


Hi Wiseman,
should you get parachuted randomly around the world you'd probably have more chances to survive with a bunch of gold and silver coins that with a bundle of $ banknotes.
Considering not only cities but also countryside and under developed regions, on average you'll find more businesses preferring your gold to your $ banknotes than vice versa.
But as I said, at the end of the day everybody is free to follow his instincts  :D

Online Peter90

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Re: Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
« Reply #13 on: February 12, 2024, 10:54:23 AM »
If I'm right next month, March, we will learn the name of this BRIC gold-backed currency / stablecoin

 

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