Researchers at Russia's government-owned bank VEB suggest the country issues a gold-backed stablecoin to skirt sanctions. baidakova reports.
Researchers at Russian bank VEB suggested that the country issues a gold-backed stablecoin for international payments to evade sanctions imposed after the country invaded Ukraine in February.
that says the Ministry of Finance must create a framework for how Russian companies under sanctions can use cryptocurrencies., proposes measures to allow Russia to trade internationally, evading sanctions aimed at isolating the country from global capital markets. The metal can also serve as backing for a “golden ruble” stablecoin. “Americans won’t have any means to block operations with the crypto-golden ruble because the price will be tied to the price of gold on the global market,” the report reads. The stablecoin would be used exclusively for settling import and export transactions, not for payment inside Russia, it says.
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