Russia mulls launching tokens backed by cenbank-owned gold: report

As the effects of sanctions loom, Russia is exploring gold-backed tokenized assets for cross-border trade and plans to conduct more extensive tests by the end of the year.

Russian lawmakers are exploring the introduction of gold-backed tokenized assets directly managed by the central bank as a solution to difficulties in cross-border payments.

According to local reports, interviews with senior officials and major banking sources suggest that Russia is considering this approach in order to offer businesses a stable mechanism for international transactions. However, the initiative is not yet in development at the state level.

The head of the State Duma Banking Committee, Anatoly Aksakov, explained that market participants are currently testing gold-backed tokens, with plans for full-scale availability by the end of the year. While the regulatory framework for these tokens already exists, Aksakov did not disclose specific details about operators or transaction processes, citing concerns about sanctions.

Earlier in July, crypto.news reported that the Central Bank of Russia was considering the legalization of stablecoins in cross-border transactions in an effort to maintain trade activities with China.

Deputy Governor of the Central Bank of Russia Alexei Guznov said that the proposal was being discussed and formulated, and the ultimate goal is to streamline the entire chain of processes that will allow individuals to “transfer these assets to Russia, accumulate them and use them for international payments.”

Guznov also noted that the initiative could evolve from a temporary experiment into a permanent regulatory framework, but details on the timeline for approval were not disclosed.