The Russian central bank will consider the cryptocurrency supported by gold

According to Tass, the Russian Central Bank will consider using gold-backed cryptocurrencies to facilitate international settlement.

Russian bank governor Elvira Nabiulina said on Thursday that the Russian bank will review a proposal to develop cryptocurrency.

Nabiulina said in the National House of Commons:

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"As for the joint settlement, we will of course consider the proposal for a cryptocurrency supported by gold. However, in my opinion, it is more important to develop a national currency settlement," she said in the State Duma.

She added that the legal currency settlement system within the Eurasian Economic Union is improving and has “good liquidity”.

The news may be surprising, as the Russian government has been known for anti-encryption in the past few years, blocking the encrypted trading platform from the country in 2017, and even blocked the media website covering this topic in 2015. A minister once said that Russia will never legalize cryptocurrencies.

However, with the legislation surrounding cryptocurrency starting in 2017, the country's position in the next few years has improved. Tass pointed out that the Encrypted Assets Act could be passed at the Duma session.

According to today's report, Nabiulina said that although it might consider using gold-backed cryptocurrencies, the Russian central bank opposed the use of cryptocurrencies in the Russian monetary system.

"We don't think cryptocurrencies can act as currency substitutes. She said: "This part is absolutely impossible. (chain to finance)

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