Russian Central Bank reflects on gold-covered cryptocurrency | BTC-ECHO
Central banks are the publishers of money in an economy. Their fate is attributed to the fact that an economy remains stable. They ensure this by adjusting the amount of money in the quantity of goods and the service pool. If money is issued that has no real value, the given currency will lose value. Since fiat money according to Saifedean Ammous, the author of "The Bitcoin Standard" is very soft money, that is, can be created with little effort much, it is considered vulnerable to manipulation. Cryptocurrencies are in the eyes of the central bankers competitors, which endanger their monopoly in the release of money. This means that central banks can be seen as active opponents of Bitcoin & Co.
Use Case: International Compensation
Russia's attitude to cryptocurrencies has been mixed in the past. At the end of 2017, the head of the Russian central bank, Elvira Nabiullina, had categorically opposed cryptocurrencies. However, Putin's wishes have become public, with regulation to provide greater clarity. Like the Russian news agency Tass now announced, the Russian central bank is thinking about a gold-plated cryptocurrency. In addition Nabiullina:
In the context of reciprocal compensation, of course, we will consider the proposal of a gold-plated cryptocurrency. But in my opinion, it is more important to allow for compensation in local currencies.
The Eurasian Economic Commission (EEC), which includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is already developing "good momentum" with regard to these compensation payments. Nabiullina seems to blame the issue more on this than incidentality, if at all only for international compensation:
Basically, we see cryptocurrencies critical for national affairs. We do not see the possibility that cryptocurrencies serve as monetary substitutes. At least not in this (national) area.
A closer look might be worthwhile
However, Tatyana Valovaya, Minister of Integration and Macroeconomics of the EEC, sees greater need for action.
We have made an analysis which we will present soon. It deals with the definition of a cryptocurrency, events in the world, approaches of different countries and their regulatory designs.
That the regulation of cryptocurrencies in comparatively authoritarian states such as Russia is becoming an ever-growing topic speaks for itself. Also, the fact that Russia is already actively testing the use of cryptocurrencies and blockchain technology should be a positive sign for Bitcoin & Co. So there are characters like these, which Valovaya know how to interpret in more detail than Nabiullina:
If (…) cryptocurrencies and blockchain should (continue) gain momentum, we must immediately assemble a panel of experts with representatives from all five countries of the (EEC).
However, it remains unclear what Nabiullina means when she speaks of "gold-covered cryptocurrency". Maybe she wants to suggest that soon the crypto-ruble will become reality.
Buy Bitcoin & Altcoins: Buy, sell or trade cryptocurrencies – we've put together the best brokers, exchanges and certificates: Buy Bitcoin | Buy ether | Buy ripple | Buy IOTA | Broker Comparison
Be sure not to miss any important news related to Cryptocurrencies! Follow our news feed in the way you prefer; through Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we .
Síguenos en Telegram