A senior member of the Russian parliament has suggested that Russia could legalize gold-backed cryptocurrency mining and stablecoins under government control. The statement comes after the Bank of Russia proposed a broad ban on the use of cryptocurrencies and their trading and mining.
Deputy Duma insists that mining and some stablecoins can be legalized in Russia
Cryptocurrencies must not be allowed to circulate freely as they pose risks to unqualified investors, but Russia may allow gold backing stablecoin Vladimir Gutenev, chairman of the State Duma Council for Industry and Trade, told the RIA Novosti news agency, as well as cryptocurrency mining under government control.
On Thursday, the Central Bank of Russia (community rehabilitation) published a consultation paper outlining its comprehensive view of cryptocurrencies.monetary authority suggested Coin operations, crypto investments, exchanges and mining in the country are prohibited through the Russian financial system.At the same time, the bank has roll out Pilot phase of own digital ruble project.
Gutenev agreed that cryptocurrencies should be banned, but Russia could use gold-denominated and state-controlled stablecoins. Such a financial product is an interesting proposition for private investors and companies alike. It could also be used for savings, the deputy was quoted by the Prime business news portal.
The lawmaker explained that a gold-backed stablecoin could be similar to the golden ruble, which Russia could use to circumvent sanctions and containment policies imposed on the country. The coin can also be used to facilitate regular and transparent economic relations with other countries.
Gutenev revealed that he had discussed the idea with CBR Governor Elvira Nabiullina. The head of the Industry and Trade Commission believes that gold, as an asset, is seriously undervalued compared with reserve fiat currencies such as the US dollar and the euro.
In October, the Russian Foreign Ministry said that in the future Russia may consider replacing some of the U.S. dollars in its currency reserves and trade settlements with other currencies, or even digital assets. Moscow is emphasizing “de-dollarization” amid expanded U.S. sanctions, Deputy Foreign Minister Alexander Pankin said in a statement. interview with Interfax.
Commenting on the Bank of Russia’s call for a ban on crypto mining, Vladimir Gutenev said he believes that crypto farms can be allowed to operate legally if their activities are strictly controlled by the state. Miners can take advantage of the abundant energy resources and favorable climatic conditions in some regions of Russia, provided their facilities are powered in a transparent manner and pay all taxes due.
One working team The State Duma, the lower house of parliament, is preparing proposals to fill the regulatory gap left in Russia’s crypto space following the passage of the “Digital Financial Assets” law. Its members are expected to address outstanding issues in several areas, including the legal status of cryptocurrencies, coin trading and mining.Media reports suggest that not all government agencies share the Bank of Russia’s tough stance on this matter.
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