Russia May Allow Crypto Mining and Gold-Backed Stablecoins, Lawmaker Says – Regulation Bitcoin News

Cryptocurrencies should be banned, Gutenev agreed, but Russia could make use of a stablecoin denominated in gold and under state control. Such a financial product would be an interesting proposition for both private investors and companies. It can also be used for saving, the deputy said, quoted by the Prime business news portal.

The gold-backed stablecoin could be similar to a golden ruble, the parliamentarian elaborated, and Russia can employ it to circumvent sanctions and the policy of containment applied against the country. The coin can also be used to facilitate regular and transparent economic relations with other nations.

Gutenev revealed he had already discussed the idea with CBR governor Elvira Nabiullina. The head of the Industry and Trade Committee thinks that as an asset, gold is quite undervalued in comparison with reserve fiat currencies such as the U.S. dollar and the euro. In October, the Ministry of Foreign Affairs said that Russia may consider partially replacing the greenback in currency reserves and trade settlements with other currencies, and even digital assets in the future. Amid expanding U.S.

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Yeah, when you have no opportunity for mining you have to earn on cryptocurrency putting into potentially risky projects, risking cryptocurrency with high volatility,

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I can even suggest such a transparent crypto company 'Bitfinex'. I also want to see only honest crypto comanies in the world crypto business.

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I see Bitcoin slowly becoming a substitute currency for banks. Playing same role as gold did in the early days. Replacing the fiat currency. You should Follow Crypta0 he knows his stuff when it comes to $BTC and other Cryptos, his tweet has been of help to me in the space.

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Yet it is transparent.. the only issue that Russia and China have is that 'Bitcoin' is borderless, decentralised and fixed in quantity.

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Russia just mind-fucks everyone at every possible occasion they find, be it crypto, corona, elections, energy, Ukraine or anything else. That's what they're good at. 🤡

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