Specialists from the VEB.RF Institute for Research and Expertise believe that the creation of a gold-backed stablecoin for international settlements will help reduce sanctions pressure.
Analysts of Vnesheconombank prepared a report “International payments in the context of sanctions: state and prospects”. The authors analyzed the possible future of transnational settlements in gold, as well as fiat and digital currencies.
According to VEB analysts, one of the tools to circumvent sanctions could be the launch of a digital currency backed by gold – a stablecoin under the working name “golden ruble”:
“There will be no possibility to block operations with the crypto-gold ruble, since the rate of the digital currency will be tied to the rate of gold on the world market. The main difference from the digital ruble will be precisely in the gold backing, and also in the fact that the gold ruble will be directed not to internal settlements, but to external ones, including between third countries without the participation of Russia.”
VEB specialists also propose to organize the launch of a mechanism for working with cryptocurrencies for leading sub-sanctioned companies on the crypto exchanges of “friendly countries” or the creation of a national crypto exchange.
The new financial system, according to analysts, will be based on the large-scale use of barter schemes, the creation of new offshore zones, as well as a system of international settlements in national digital currencies based on distributed ledger technology.
The State Duma and the government of the Russian Federation have repeatedly stated that the digital currency can theoretically be used to circumvent sanctions. Ivan Chebeskov, director of the financial policy department of the Ministry of Finance, said that crypto assets can be considered as an alternative option for paying for international contracts of private business with friendly countries that are open to the adoption of cryptocurrency technologies.
Source: Bits
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