Russia bringing back the gold standard may kill US dollar & solve main problem of cryptocurrencies

The Central Bank of Russia (CBR) is studying a proposal to create a gold-backed cryptocurrency, which could be used for cross-border settlements with other countries. The bold proposal was made by Russia’s State Duma member Vladimir Gutenev. He has suggested initiating discussion to set up national cryptocurrency, denominated in gold.Commenting on Gutenev’s proposal, the head of CBR Elvira Nabiullina said: “As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.” Also on Russia boosting gold reserves at a time of impending US dollar crisis – Peter SchiffGutenev explained that, unlike ordinary cryptocurrencies, which are not secure because they are not backed by anything, gold-backed cryptos have their value tied to a real asset. They would come in the form of a so-called stablecoin which is a type of cryptocurrency but offers price stability characteristics. “[The CBR], in principle, are opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies, in fact, fulfill th ...Read more

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