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Further Discussions => Banks & Cryptos => Topic started by: Magician on May 24, 2019, 06:36:13 PM

Title: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Magician on May 24, 2019, 06:36:13 PM
(https://static.coindesk.com/wp-content/uploads/2019/05/Elvira-Nabiullina-BoR-860x430.jpg)

Russia’s central bank will consider the use of a gold-backed cryptocurrency to facilitate international settlements, according to a Tass report.

Elvira Nabiullina, governor of the Bank of Russia, said Thursday that her institution is to review a proposal for the development of the cryptocurrency.

Nabiullina said at the nation’s lower house, or Duma:

“As for mutual settlements, we will consider, of course, [the] proposal on … a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies,” she said at the State Duma.

She added that fiat currency settlement systems within the Eurasian Economic Union are improving and have “good dynamics.”

The news is perhaps surprising, as Russia’s government has been famously anti-crypto in past years, moving to block foreign exchange platforms from the country in 2017 and even blocking media sites that covered the topic back in 2015. A minister once said that Russia would never make cryptocurrencies legal.

However, the nation has softened its stance somewhat in more years, with moves to legislate around cryptocurrency starting in 2017. A digital assets bill could be passed this current session of the Duma, TASS indicates.

According to today’s report, Nabiullina said that, while it may mull the use of the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia’s monetary system.

“We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part,” she said.

Source (https://www.coindesk.com/russian-central-bank-to-consider-gold-backed-cryptocurrency)
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Senin on June 02, 2019, 06:47:25 AM
I do not see any change in the negative attitude of high-ranking officials of Russia in relation to cryptocurrency. Nabiullina was asked about her attitude to the creation of a cryptocurrency, which would be provided with gold. Therefore, she replied that it would be considered. However, judging by that. that she immediately added that she considered it necessary to pay more attention to the national currency, the result of such consideration is obvious. Nobody is going to create such cryptocurrency.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Fenix on June 12, 2019, 11:15:01 PM
I also think that the answer to Nabiullina was most likely given out of politeness and in fact there will be no serious consideration of creating a cryptocurrency with gold plating. The above answer is not binding. In Russia, you must first adopt a general concept of cryptocurrency, and only then solve such issues.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Noverteno on July 15, 2019, 10:14:49 PM
I do not think that such a bill will ever really be prepared for adoption. Perhaps it will only be in the long run after the current political leadership of Russia changes. Now on the agenda is the adoption of a common concept of cryptocurrency regulation.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Alcor on July 23, 2019, 07:08:43 AM
Do you still believe that Russia is serious about cryptocurrency? They are only serious about its prohibition. We have heard for many years that its country will begin its normal regulation or other positive news about the implementation of cryptocurrency. However, so far we only hear conflicting opinions of politicians and bankers. I have already stopped believing the Russian authorities for a word, only one lie emanates from their lips. We already need actions and facts, not words.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Peter90 on August 20, 2019, 10:37:09 AM
Quote from: Senin on June 02, 2019, 06:47:25 AM
I do not see any change in the negative attitude of high-ranking officials of Russia in relation to cryptocurrency. Nabiullina was asked about her attitude to the creation of a cryptocurrency, which would be provided with gold. Therefore, she replied that it would be considered. However, judging by that. that she immediately added that she considered it necessary to pay more attention to the national currency, the result of such consideration is obvious. Nobody is going to create such cryptocurrency.
You are talking about the attitude of Russian authorities in relation to cryptocurrencies as used within Russia's domestic economy.
The gold-backed crypto mentioned in the article is not meant for Russia's domestic economy.

You must distinguish between international markets and national market.
The plan is to create a gold-backed crypto to settle balances in the international trade.
This would foster international trade, as the daily changes of the exchange rates between the national currencies of the Eurasian Economic Union hamper it.
The current solution to this problem is to keep using the US dollar, but the whole world is detaching itself from the US dollar.

The plan Nabiullina is talking about doesn't relate to the question about using cryptos within Russia's domestic market.
This planned gold-backed crypto has nothing to do with the current attitude/legislation of Russian authorities about cryptocurrencies within Russia.
In order to implement this gold-backed crypto, they don't need to change their attitude/legislation about using crypto within Russia.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Sajinn on October 26, 2019, 03:29:28 PM
Yes, looks like it's two totally different things, creating own crypto with everything like that should be done in such a way anyway with whatever you may want. And something like that should be done in strong sense of complying with all possible laws anyway. Can we do that ?
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Noverteno on November 21, 2019, 05:55:27 AM
Six months have passed, but nothing about the cryptocurrency with a gold coating from Russia is not heard. Surely, we will not hear anything. Nabiullina in the State Duma of Russia because of decency mentioned that such a proposal would be considered. No one is even going to seriously consider creating such a cryptocurrency.
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Bobcrypto on December 04, 2019, 10:54:34 AM
Guys, this is to draw your attentions that the Banking sectors in the world are just battling to find how to key into the cryptocurrency and the blockchain tech, and how to handle a possible effects on all financial and banking institutions. You will be hearing one story and another especially on Russia's central bank and many others concerning their involvement on crypto.
It's very certain that cryptocurrency and the blockchain technology is the next big thing in the world economy, and the ways to adopt into it without much impact on the banks is another issue facing them. Let watch how all this play out. Thanks
Title: Re: Russian Central Bank to Consider Gold-Backed Cryptocurrency
Post by: Paha87 on December 09, 2019, 02:40:24 AM
For banks, the biggest challenge is to properly implement this technology in their financial instruments. If something goes wrong the accounts of their citizens will suffer and this is inexcusable. I do not understand one thing, why world banks owning such huge funds can not hire the best blockchain specialists to implement this program? Can someone explain to me?