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Russian Central Bank ‘Would Consider’ Creating Gold-Backed Cryptocurrency

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Russia’s central bank would consider creating a new cryptocurrency backed by gold for international settlements.


Gold-Backed Crypto Could Have Use In Settlements

That was the latest information to come from Elvira Nabiullina, head of the Bank of Russia, speaking to the country’s parliament, the Duma, about current plans involving cross-border finance.

In principle, Nabiullina said in response to a query from one politician present on the Duma’s financial markets committee, the central bank is not opposed to creating a gold-backed cryptocurrency.

This, she said, would be within the framework of international settlements between Russia and elsewhere. Nevertheless, fiat alternatives currently in use still take precedent over crypto.

“As far as settlements are concerned, we will consider your suggestion regarding what a cryptocurrency backed by gold would look like [in this setup],” she told the committee.

In my view, however, it is still more important to develop settlements in national (fiat) currencies.

Stablecoin Doubts

Russia has had a complicated relationship with state-backed crypto. Recent years have seen various plans come and go, with the latest incarnation of the country’s so-called ‘Cryptoruble’ set for launch this year in the form of a stablecoin.

Nevertheless, it now appears the central bank itself is less than keen on a stablecoin forming a specific part of the Russian financial system. Even within the frames of its regulatory sandbox, crypto has little perspectives, according to Nabiullina.

“We don’t see a possibility for cryptocurrency to fulfil the role of a money surrogate… and are practically not considering it within the context of the regulatory sandbox,” she added.

As Bitcoinist previously reported, Russia’s overall attitude to cryptocurrency remains opaque despite promises of regulation to unify the landscape.

Various sources continue to present different views on what cryptocurrency is and how citizens should be able to use it, while a statistics point to a lively P2P exchange market for Bitcoin in particular.

In April, one Kremlin economist foresaw the ineffectiveness of a gold-backed state cryptocurrency, despite the potential benefits in helping the sanctioned Russian economy increase its flow of funds.

Around the same time, the same economist claimed that businesses and the elite were actively accumulating Bitcoin in huge amounts – to the tune of over $8 billion.

“There is no direct involvement of Russian state but some who buy bitcoin are awaiting that the increasing US sanctions will make impossible to do international transactions as usual so they purchase bitcoin as a way to circumvent US sanctions,” Vladislav Ginko said.

What do you think about the Russian central bank’s position on a gold-backed cryptocurrency? Let us know in the comments below!


Images via Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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