Reports say that Russia is looking into how to use gold-backed tokenized assets that are controlled by the central bank to make it easier to do business across borders. The goal of this project is to lessen the effects of current restrictions and set up a stable way for countries to pay each other.
According to sources in the area, top officials and major banks are currently talking about how feasible it would be to use these gold-backed tokens. The idea is becoming more popular, but it hasn’t been made official at the state level yet.
Anatoly Aksakov, who is in charge of the State Duma Banking Committee, said that these tokens are being tested by people in the market right now, and they will be used by more people by the end of the year. Even though there are rules in place,
Russia Explores Tokenization Strategy
Aksakov wouldn’t say much about the operators or how the transactions work because he was afraid of getting in trouble.Early in July, Analysts said that the Bank of Russia is thinking about making it legal for stablecoins to be used for cross-border purchases. This is mostly to keep trade with China going.
Alexei Guznov, deputy governor of the central bank, confirmed that the plan is being talked about and has been made. The goal is to control the whole process so that people can bring these assets into Russia, store them there, and use them to send money to other countries.
Guznov also said that this project could go from being a short-term experiment to a long-term set of rules. Details about the approval schedule, on the other hand, have not been made public.
As long as sanctions are in place, these gold-backed tokens could be a good way to trade internationally because they are a stable and regulated option to the ways we currently pay for things. The future of this effort will depend on how the tests and regulatory discussions go.
