• Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023
Facebook Twitter Instagram
Trending
  • Iran’s Trade with BRICS Surging – Foreign Minister
  • India Boasts World’s Fifth-largest Stock Market – Bloomberg
  • Russia Planning Major High-speed Rail Expansion
  • Russia Reacts to Indonesian Peace Plan
  • Cop-Tasered 95-Year-Old Dies After Nursing Home Incident
  • Zelensky’s Penthouse Seized In Crimea
  • Meta Initiates Final Round Of Mass Layoffs
  • DeSantis Twitter Disaster: Bungled Campaign Announcement Riddled With Glitches
Thursday, June 8
Facebook Twitter Instagram
RT NewsRT News
  • Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video
RT NewsRT News
Home » Russia Needs ‘Golden Ruble’ – Report
State Of Affairs

Russia Needs ‘Golden Ruble’ – Report

adminBy adminJune 23, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn WhatsApp Pinterest Email

Russia Needs ‘Golden Ruble’ – Report

By RT News

A cryptocurrency backed by gold would be immune to sanctions, according to VEB.RF analysts

Russia needs a new mechanism for international settlements to be able to operate under Western sanctions, a report by the country’s development corporation VEB.RF says.

According to the report, the introduction of financial sanctions against Russia, which, despite state measures, results in economic losses for the country, also indicates that a transition to a completely different national financial and monetary system is in order.

VEB.RF analysts suggest that Russia should create a gold-backed stablecoin under the working title ‘golden ruble’. According to their research, Western countries will have no opportunity to block operations carried out in such a currency, since its exchange rate will be pegged to the gold rate on the world market, not to the dollar, the euro or, for that matter, the fiat ruble itself. Gold backing would ensure the currency’s immunity to sanctions, and the ‘golden ruble’ could be used freely in external transactions, including those between third countries without the participation of Russia.

Analysts have also proposed launching a mechanism for working with cryptocurrencies for sanctioned companies on crypto exchanges in friendly states, or the creation of a national crypto exchange to facilitate ‘golden ruble’ trading.

VEB.RF suggests that the Bank of Russia should develop a system of international settlements with friendly countries in their national digital currencies based on distributed ledger technologies, and introduce a hedging system for eliminating currency risks.

Besides diving into the digital currency world, analysts say Russia’s new financial system could incorporate large-scale use of barter schemes and new offshore zones, especially with China. Further on, they suggest creating a blockchain unit within the BRICS framework, which would mirror the IMF special drawing rights system, albeit in digital form.

The VEB.RF report also draws attention to Russia’s MIR payment system (a Visa and Mastercard analogue) and SWIFT-like SPFS interbank messaging mechanism, and suggests that they should be expanded outside of Russia, at least within the CIS bloc and China.


Original Source: https://www.rt.com/business/557611-russia-golden-ruble-sanctions/

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
admin
  • Website

Related Posts

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023

Zelensky’s Penthouse Seized In Crimea

May 26, 2023

Ukraine Can’t Beat Russia — Hungarian PM Orban

May 24, 2023

‘Radioactive Cloud’ Threatening Western Europe – Russian Security Chief

May 22, 2023
Add A Comment

Leave A Reply Cancel Reply

Don't Miss

Iran’s Trade with BRICS Surging – Foreign Minister

By adminJune 6, 2023

Iran’s Trade with BRICS Surging – Foreign Minister By RT News Tehran is looking to…

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023
Our Picks

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023

Subscribe to Updates

Get the latest creative news from SmartMag about art & design.

About Us
About Us

Your source for the lifestyle news. This demo is crafted specifically to exhibit the use of the theme as a lifestyle site. Visit our main page for more demos.

We're accepting new partnerships right now.

Email Us: info@example.com
Contact: +1-320-0123-451

Our Picks

Nuclear Family: How Ukraine Helped North Korea Develop the World’s Deadliest Weapons

July 2, 2022

Russia Announces $14.5bn Domestic Airline Boost

June 30, 2022

Ukrainian Mayor Blames Shopping Mall Management For Deaths

June 30, 2022

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Instagram
  • Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video
© 2023 Russia-Ukraine.

Type above and press Enter to search. Press Esc to cancel.