The issuance of Gold-backed CBDC is part of the strategies adopted by the Central Bank of Russia to circumvent the Western economic sanctions. Wanting to be more ingenious, the leaders of this institution round up friendly central banks in order to put their respective CBDCs in tune with his.
A rather open digital ruble
Dedollarization and economic pressures oblige, the central bank of Russia first started by setting up a gold-backed CBDC in mid-February. Two months later, this institution revised its position regarding cryptocurrencies. She said she preferred the regulation of these assets to the “ban” and even considered making use of them in international regulations.
In an article published today, bitcoin.com revealed that Russia has provide the platform for the digital ruble with functionality compatible with other foreign CBDCs. In other words, the system that underpins the issuance and circulation of Russian CBDC will have the ability to work with similar digital assets from other countries in the future.
It was during a speech in front of the Russian parliament that representatives of the central bank raised this issue.
To do this, the Central Bank of the Russian Federation has two choices:
- realization of a two-way integration with other platforms backed by the CBDCs of other central banks;
- or launchan international digital platform encouraging the desired interaction.
What about crypto for the people?
In addition to this work of opening up the Russian CBDC to other assets of the same ilk, the representatives of the CBR also addressed the burning issue of cryptocurrencies in the Russian federation. For now, it does not intend to allow free circulation of crypto-assets in the country. And even less to give carte blanche to national exchanges to operate freely.
Nevertheless, the Central Bank of Russia does not hide its interest in theuse of cryptocurrencies in the context of international exchanges. For the moment, it is at the experimental stage and intends to set up a special agency to supervise this component.
As we announced from the outset, Russia has not chosen to issue a fiat-backed, ruble-backed CBDC for its case. His choice fell on a central bank currency pegged to gold. Is it for fear of instability of the rouble? Never mind.
Crypto-enthusiasts no longer want to swear by decentralization. Unfortunately, this will not become effective if governments persist in creating CBDCs capable of keeping control over the world.
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