Russia investigating Gold-Backed Stablecoin

The Central Bank of Russia (CBR) is investigating a gold-backed stablecoin, a “golden ruble” according to Chairman of the State Duma Committee on Industry and Trade, Vladimir Gutenev. He argues that gold is undervalued compared with the US Dollar, Euro and other fiat-backed currencies. With no national fiat currency holding any tether to gold since 1971, Russia may well be positioning themselves for a first mover advantage in a new global gold standard.

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