Bank

Read

As sanctions keep biting, Russia is exploring gold-backed tokenized assets for cross-border trades, with plans for broader testing by year-end. 
Russian lawmakers are exploring the introduction of <a href="https://crypto.news/tag/gold/" target="_blank" rel="noreferrer noopener">gold</a>-backed tokenized assets, directly managed by the central bank, as a solution for persistent cross-border payment challenges. 
According to local <a href="http://www.vedomosti.ru/finance/articles/2024/07/26/1052158-problemi-s-transgranichnimi-platezhami-prostimulirovali-finansovie-innovatsii?data=9873crypto923y4news9234" target="_blank" rel="">reports</a>, discussions involving high-profile officials and major banking sources suggest that <a href="https://crypto.news/tag/russia/" target="_blank" rel="noreferrer noopener">Russia</a> is evaluating this approach to offer enterprises a stable mechanism for international transactions. However, this initiative isn’t yet in development at the state level. 
 You might also like: <a href="https://crypto.news/russian-parliament-passes-bill-for-crypto-use-in-international-trade-legalizes-crypto-mining/"> Russian parliament passes first reading of bills for crypto use in international trade, crypto mining </a> 
Anatoly Aksakov, head of the State Duma Banking Committee, revealed that market participants are currently testing the gold-backed tokens, with plans for full-scale availability by year-end. While the regulatory framework for these tokens is already in place, Aksakov did not disclose specific details on operators or transaction processes, citing concerns over sanctions. 
In early July crypto.news <a href="https://crypto.news/russias-central-bank-might-legalize-stablecoins-for-trades-with-china-report/" target="_blank" rel="noreferrer noopener">reported</a> that Russia’s central bank, the Bank of Russia, is considering the legalization of&nbsp;<a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoins</a>&nbsp;for cross-border transactions to keep trading activity with China. 
Central bank deputy governor Alexei Guznov said the proposal is under discussion and has been formulated, adding that the eventual goal is to regulate the entire process chain that would enable individuals to “transfer these assets into Russia, accumulate them, and use them for international payments.” 
Guznov also indicated that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval weren’t disclosed. 
 Read more: <a href="https://crypto.news/ofac-sanctions-employee-of-russian-state-owned-gold-producer-for-laundering-money-via-crypto/"> OFAC sanctions employee of Russian state-owned gold producer for laundering money via crypto </a>

Russia mulls launching tokens backed by cenbank-owned gold: report

crypto.news

Other articles published on Jul 26, 2024

Rho Markets Hit by $7.5M Hack, Attackers Demand Admission of Oracle Error for Fund Return

How decentralization could have prevented the global Microsoft meltdown

Trump Announces Plans for Fourth NFT Collection After ‘Successful’ Previous Series

BlockDAG Hits $61M In Presale, CEO & Team Reveal Incoming; LINK Price Pops & UNI Drops New Tech

Fireblocks Launches Web3 Startup Toolkit Amid A Surge In New Ventures

XRP Poised for Parabolic Surge? Weekly Bullish Candle Ignites 800% Rally Speculation

Join our free newsletter for daily crypto updates!