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Russia considers launching Cenbank-owned gold-backed token: report
As sanctions continue to tighten, Russia is exploring the use of gold-backed tokenized assets for cross-border trade, with plans to conduct broader tests later this year.
Russian lawmakers are considering introducing gold– tokenized assets backed by cryptocurrencies, managed directly by the central bank, as a solution to the persistent challenges of cross-border payments.
According to local authorities relationshipsdiscussions involving high-profile officials and senior banking sources suggest that Russia is considering this approach to provide businesses with a stable mechanism for international transactions. However, this initiative is not yet being developed at the state level.
Anatoly Aksakov, head of the State Duma Banking Committee, revealed that market participants are currently testing gold-backed tokens, with plans for widespread availability by the end of the year. While the regulatory framework for these tokens is already in place, Aksakov did not disclose specific details about the operators or transaction processes, citing sanctions concerns.
In early July crypto.news reported that Russia’s central bank, the Bank of Russia, is considering legalizing stablecoins for cross-border transactions in order to maintain business with China.
Deputy Governor of the Central Bank Alexei Guznov said the proposal was being discussed and had been formulated, adding that the ultimate goal was to regulate the entire process chain that would allow individuals to “transfer these assets to Russia, accumulate them and use them for international payments.”
Guznov also indicated that the initiative could potentially move from a temporary experiment to a permanent regulatory framework, although specific details regarding the timing of approval were not disclosed.