Central Bank-Led Initiative
Russian legislators are considering the issue of gold-backed tokenized assets, the directly controlled by the central bank, as a solution for the long-standing problem of cross-border payments.
High-Level Discussions Underway
There have been discussions that include senior government officials and the major banking sources, which according to local news suggest that Russia is thinking about this way to make enterprises have a fixed income source through international transactions. Nonetheless, this is not yet been reached as an initiative at the state level.
Testing and Regulatory Framework
Anatoly Aksakov, the chairman of the State Duma Banking Committee, announced that market stakeholders are currently in the process of testing their tokens, and they have plans to make them accessible on a full scale by the end of the year. There are already regulations for these tokens, but Aksakov would not give any information about who the operators would be or how the transactions will be done, referring to the fear of sanctions.
Potential for Permanent Regulation
The proposal is currently being discussed and has also been drafted by the central bank deputy governor Alexei Guznov, who said that the aim here is to make the submitter also the sole process that happens in the chain that would let people “bring these assets in Russia, store them and use them for international payments.”
Recent the discussions also aims at drawing a designed guideline that might turn out to be the norm of the activities that are to last for time, a specially controlled activity, one that was not set nor even contemplated for allowed on to the free market, but only for restricted use within public arenas, Guznov also gives an assurance that the initiative could be put into a position to a permanent regulatory framework
