Russia to Consider Gold-Backed Cryptocurrencies for Mutual Settlements

Russia to Consider Gold-Backed Cryptocurrencies for Mutual Settlements Russia to Consider Gold-Backed Cryptocurrencies for Mutual Settlements
By Trevin Casinader - May 23, 2019

Russia's central bank, the Bank of Russia, will consider issuing gold-backed cryptocurrency, Russian news agency TASS reports on the 23rd of May. 

Elvira Nabiullia, the head of the Bank of Russia, revealed that the bank may be interested in creating a gold-pegged crypto for conducting mutual settlements with global jurisdictions. 

However, Naibullina claimed that she believes that it is more important to develop international settlements using national currencies. However, she also noted that the bank is against any scenario where cryptos become a substitute for fiat money.