Russia is reportedly considering the implementation of a gold-backed cryptocurrency, according to Russian news outlet Tass. Immutability and censorship-resistance are useful for governments in certain instances, such as conducting international trade in the face of sanctions. Russia and Iran previously considered using cryptocurrencies for business between the two. Iran later launched a gold-backed cryptocurrency.
Central banker Elvira Nabiullina was cold to the idea of government-backed crypto, saying that a settlement mechanism created in “national currencies” would be preferable.
Russia has been all over the place on the subject of cryptos. The signals from Moscow are confusing. A Russian economist was able to fool a number of western outlets into believing that the country was going to procure at least $10 billion in cryptocurrency with a series of false tweets.