Russia's central bank will consider the use of a gold-backed cryptocurrency to facilitate international settlements, according to a Tass report.
Elvira Nabiullina, governor of the Bank of Russia, said Thursday that her institution is to review a proposal for the development of the cryptocurrency.
Nabiullina said at the nation's lower house, or Duma:
She added that fiat currency settlement systems within the Eurasian Economic Union are improving and have "good dynamics."
The news is perhaps surprising, as Russia's government has been famously anti-crypto in past years, moving to block foreign exchange platforms from the country in 2017 and even blocking media sites that covered the topic back in 2015. A minister once said that Russia would never make cryptocurrencies legal.
According to today's report, Nabiullina said that, while it may mull the use of the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia's monetary system.
"We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part," she said.
Elvira Nabiullina image via Shutterstock
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