Bank of Russia Eyes Proposal to Develop a Gold-Backed Cryptocurrency22

Bank of Russia, the central bank of the Russian Federation, is set to consider a proposal that, if carried out, would see the institution launch a cryptocurrency backed by reserves of gold.

Confirmed by the bank’s Governor Elvira Nabiullina on May 23rd, the review process will entail the body’s leadership exploring how such a state-sanctioned crypto could be used to facilitate payments settlements between countries, namely among the members of the Eurasian Economic Union (EEU), which Russia has been trying to solidify in recent years.

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