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Thread: Gold Backed Cryptocurrency? Russia's Central Bank Says its Considering it

  1. #1

    Gold Backed Cryptocurrency? Russia's Central Bank Says its Considering it

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  3. #2
    Highly unlikely. https://www.ccn.com/russia-flip-flop...ettle-payments

    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.

    “We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”

    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.

    By CCN:
    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.

    “We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”

    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.


    Russia has considered bans on cryptocurrency, which the central bank seems to favor, and is also working on a regulatory framework that precludes normal people from acquiring and trading cryptos. Russia’s digital regulations are also in a state of flux, with a “digital iron curtain” – not unlike the Chinese “great firewall” – that would enable the country to essentially turn off the internet.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

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  4. #3
    This is interesting because it shows the difference between commodity-backed and unbacked cryptos.
    It shows that commodity-backed cryptos will assume an institutional role in the future financial system while unbacked cryptos will get a marginal role, if any.

    When Russian authorities banned cryptocurrencies, they meant unbacked cryptos like Bitcoin. They didn't mean blockchain based currencies in general



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