Russia Looking Forward to The Future with Gold Backed Crypto Platform

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

Russia is a heavily sanctioned country in terms of trade relations. Also, Russia is looking into the Crypto World with interest. A cryptocurrency platform or a cryptocurrency would be an interesting prospect for Russia.

Russia Looking for A Gold Backed Crypto Platform

Russia and Iran had considered doing international transactions and trade through a common cryptocurrency platform. But, this wasn’t possible due to Russia not having a clear idea and its own government scrutinizing the prospect of digital trade. While cryptocurrency exchange would be perfect for a country with sanctions, the Russian government doesn’t take it positively. Central banker of Russia Elvina Nabiullina was not quite excited for a cryptocurrency. Her resentment to the idea was seen through the following words she spoke about it :

“We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”

Russia’s Stance On Cryptocurrency

Russia has considered a ban on cryptocurrency, which would disable even Russian citizens to do crypto trade. The Central Bank also favors this idea and don’t want anything to do with Crypto. Russia’s situation right now is not like the “Great Firewall” of China where they have banned everything from the outside world. But, it is more comparable to India where a cryptocurrency uplift would be great, but it isn’t happening.

Also, Russia is giving mixed signals as Vladimir Putin had ordered a “CryptoRuble” to bring Russia’s financial services online.

Other examples of countries with successful Crypto platforms might inspire Russia to do the same. Their business counterparts Iran were the reason that Russia dabbled into the Crypto world, and they have a gold backed cryptocurrency platform for business internationally. But, some examples like Petro, the Venezuelan cryptocurrency, isn’t a good one to look at, as it was a massive failure.

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