Central Bank of Russia might consider a Gold Backed Cryptocurrency

The Central Bank of Russia has considerations on the use of gold-back cryptocurrency in easing international payment.

According to a recent statement, Elvira Naibiullina, governor of the Bank of Russia said that she aims to make a proposal that will see development in cryptocurrency.

The government of Russia has for the past been against the use of cryptocurrency. In the year 2015, it even blocked media platforms that discussed the topic. The nation is however keen on the issue and has some limits on the issue.

Naiibiullina according to a report said that although it plans to use the gold-backed cryptocurrency, the central bank is still on a firm stand against usage of cryptocurrency in the financial system in Russia.

Recently, Vladimir Potanin, the richest man in Russia had proposed a Palladium backed cryptocurrency for the country.

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