Russia's Qiwi Proposes Commodity-Backed Bitcoin Alternative
A Russian payments company backing an idea for a digital currency has said that it could be backed by commodities.
A Russian payments company seeking to launch its own digital currency has proposed backing its market value with real-world commodities.
According to Solonin, the cryptocurrency could be backed by "some [kind of] security in the form of energy" produced domestically in Russia. He added that such design might give the digital currency a competitive edge against bitcoin, which he argued "is not secured by anything".
Solonin went on to say that he hopes the Russian Central Bank will warm up to the idea and suggested cooperation on the initiative, telling RBC:
He later called such dialogue “simply necessary” for the fruition of the project, according to TASS.
The proposal has since drawn condemnation from at least one Russian government official, who branded the idea "illegal” last week.
Image via Shutterstock
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