Central Bank of Russia's Strict Stance on Crypto
Apparently, the Central Bank of Russia and its lawmakers have to take their stand on the issue and regulate the crypto space before any joint crypto can be created between Iran and Russia. However, both countries are trying to be fast since each state has been facing sanctions since the Russia-Ukraine conflict.
On the 10th of November 2022, Russia’s Central Bank (CBR) Governor, Elvira Nabiullina, mentioned her strict stance on cryptocurrencies. She stated that despite Russia's Central Bank public consultations on stablecoins, the country still has strict legislation against digital currencies.
"Regarding crypto, we are in favor of the development of digital financial assets, and the digitalization of finance. But digital financial assets are not limited to crypto, to private cryptocurrencies. We have not changed our position that private cryptocurrencies - for which it is not clear who is responsible, or how responsible, which are opaque and carry high risks of volatility - should not be used in settlements," Elvira Nabiullina said.
Creating a gold-backed stablecoin isn't surprising to many, as the number of gold purchased in the country has increased sharply since the Russia-Ukraine conflict. According to a survey conducted by Russian banks, more than 50 metric tons of gold have been purchased by Russian citizens since the start of the conflict.
