Russia Will Especially Support Gold-backed Cryptocurrencies

Russia Will Especially Support Gold-backed Cryptocurrencies

Perhaps so far, no new phenomenon and member in the economic world and financial matters has enforced behavior volatilities and confusions to states and countries as much as cryptocurrencies. For example, the two countries of China and Russia have chosen an uncertain stance toward cryptocurrencies. From the one hand, the number of those who are interested in this new world in these countries are high and on the other hand, every once in a while countries make conflicting decisions about the legality or illegality of cryptocurrencies. Yet, some of the large companies in the field of Blockchain such as Counos, have taken a large step toward the stabilization of investors’ digital assets by offering cryptocurrencies based on precious metals like Counos gold. From the other hand, in the past week, the central bank of Russia announced that it intends to introduce cryptocurrencies backed by precious metals such as gold and thus take a step toward facilitating transactions and international financial communications.

How Does the Central Bank of Russia Do in Using Cryptocurrencies?

The central bank of Russia has announced that cryptocurrencies that are backed by gold will provide a lot of facilities in international payments and interactions. In the opinion of the state and central bank of Russia, cryptocurrencies have a lot of potential to be used in different financial communications. While Russia had already banned all the platforms related to cryptocurrencies before and even the activity of websites that worked in the field of cryptocurrencies. Even though Russia has shown a green light to cryptocurrencies, but it still does not look upon cryptocurrencies other than stablecoins and currencies that are centralized with favor and believes that the entrance of cryptocurrencies based on decentralized systems to the monetary system will be wrong.

Will Russia Return to the World of Decentralized Cryptocurrencies?

Reportedly, Putin, the president of Russia, has issued an order to analyze the possibility of regulating the field of digital assets and cryptocurrencies and this itself is indicative of the hidden interest of Russia of going back to the world of cryptocurrencies. In fact, prominent countries in the world are looking to evaluate all the aspects of implementing cryptocurrencies, but each one has shown different reactions in this field. U.S., Australia, and Canada are among the pioneer pros that are trying to regulate the affairs related to Bitcoin before anyone else, but China and Russia are careful and would like to move ahead with their headlights off in the path toward entering the world of cryptocurrencies. In any case, it seems that the uncertain relationship of important countries such as Russia with cryptocurrencies will soon become clear and stable. Since many financial institutes, banks, and large companies in the world that are, in a sense, the giants of technology are investing to enter the world of cryptocurrencies.

The suitable situation of cryptocurrencies such as Bitcoin and the entrance of new cryptocurrencies such as Counos Coin in the recent days and months show that we will hear more about the implementation of cryptocurrencies by different countries and states. Blockchain is one of the best infrastructures for transparent and clear communications in various fields. Such a thing will not hide from the view of the world leaders, investors, and different companies. Through official regulations from states, the possibility of access to such tools and new technologies will be facilitated for ordinary users.