Russia Accelerates its De-Dollarization, Bringing back the Gold Standard, Bitcoin and Crypto Assets

  • Russia’s love affair with gold continues
  • Russian central bank considering gold-backed cryptocurrency
  • Draft bill on crypto regulation is prepared to be adopted in the spring of 2019Russia’s central bank will be considering the use of gold-backed cryptocurrency in order to facilitate international settlements, according to a Tass report.

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

“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,”

said Nabiullina at the nations’ lower house, State Duma.

While Russia may be pondering, the use of a gold-backed cryptocurrency, the central banks is against the use of cryptos in its monetary system.

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

she said.

Russia on Cryptocurrency

When it comes to Russia’s stance on cryptocurrencies, the country’s government has been anti-crypto in the past years, blocking foreign exchange platforms and even media sites. However, since then, the nation has softened its stance as it moves to legislate cryptocurrencies in 2017.

According to recent reports, the central bank of Russia believes the draft bill on crypto regulation is prepared enough to be adopted in the second half of 2019.

Speaking at a meeting of the Parliament, Olga Skorobogatova said the bill on “Digital Financial Assets” (DFA) and other crypto-related bulls are “sufficiently high degree of preparedness” to be adopted during the spring session in 2019.

Russia’s Love Affair with Gold Continues

Russia has been already working hard and fast on its de-dollarization plans. Part of this plan has been to lead in the gold buying and this interest is not subsidizing any time soon.

Per the latest figures, the Russian central bank has added another 18.7 tonnes of gold to its reserves.

Recently, the World Gold Council reported the fast pace at which Russia acquired 56 tonnes of the precious metal during the first quarter of this year. Since 2014, the country’s gold reserves have been steadily growing.

“I think what Russia is doing or other central banks are recognizing is that they need to increase their gold reserves because of the impending dollar crisis,”

said CEO of Euro Pacific Capital Peter Schiff told RT.

“Ever since the US led the world off the gold standard, the world has been on a dollar standard. That was fine when the dollar was backed by gold but now the dollar is backed by nothing…”

added Schiff.

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