RUSSIA MAY ALLOW CRYPTOCURRENCY MINING AND GOLD-BACKED STABLECOINS

Given the tense regulatory situation over cryptocurrencies in Russia, a proposal from a high-ranking member of the Russian Parliament has brought many positive signals.

The chairman of the State Duma Committee on Industry and Trade (Russia's lower house of parliament), Vladimir Gutenev, told the RIA Novosti news agency that the country should not be allowed to freely circulate cryptocurrencies because they bring risks to other countries. investors are not eligible, but Russia may allow the use of gold-backed stablecoins and government-controlled crypto mining.

 

On January 20th, the Central Bank of Russia (CBR) published a consultation paper, presenting a comprehensive view on cryptocurrencies, proposing an outright ban on cryptocurrencies . Meanwhile, the bank is kicking off the pilot phase of its own digital ruble (CBDC) project.

 

Gutenev agrees that cryptocurrencies should be banned, but Russia can use stablecoins backed by gold and under state control. Such a financial product would be an exciting initiative for both private investors and companies.

 

He further shared that Russia can use this stablecoin to avoid sanctions and containment policies imposed on the country, as well as to facilitate regular and transparent economic relations with other countries. other family.

 

Gutenev revealed he discussed the idea with CBR governor Elvira Nabiullina. The head of the Industry and Trade Commission said that as an asset, gold is undervalued compared to reserve fiat currencies such as the dollar and the euro.

 

In October, the State Department said that Russia may consider replacing the USD in its reserves and trade arrangements with other currencies, and even crypto assets amid US sanctions. States are expanding.

 

Commenting on the call of the Central Bank of Russia for a ban on cryptocurrency mining, Vladimir Gutenev stated that he thinks that crypto farms can be allowed to operate legally if their production process is regulated. tightly controlled by the state. In the past, a number of agencies in the Russian government have also voiced support for this scope.

 

In addition, miners can take advantage of the abundant energy resources and favorable climatic conditions in some regions of Russia, as long as their facilities are transparently provided and they pay the full fees. tax due. Overall, from Gutenev's argument, it can be confirmed that the Russian House of Representatives still wants to make cryptocurrency mining a business .

 

However, a working group in the Russian lower house of parliament is currently preparing proposals to fill the regulatory “gap” in the crypto space left by the government after the law is passed. Members are expected to address lingering issues in several areas, including regulatory status, trading, and crypto mining. The good news is that not all government institutions share the Bank of Russia's hardline stance on this issue.