/ world today news/ State Duma deputy Vladimir Gutenev (United Russia faction) proposed a de facto return to the gold standard.
We recently published material on the desire of the Bank of Russia to ban practically all operations with cryptocurrencies.
In response to this, Vladimir Gutenev noted that:
“Cryptocurrency mining can be legalized, but only if it is a “stable coin”. That is, cryptocurrencies that are tied to some real assets”
Gutenev proposed that such an asset should become gold.
Let’s turn to Gutenev’s quote:
“Cryptocurrencies should be banned, but we can have such a surrogate financial product as a stablecoin, denominated in gold and fully controlled by the state. It would be interesting for both individuals and legal entities, as well as for various types of savings. That is, it would be an analogue of the golden ruble, which does not remain in case of need any traces in the conditions of serious and unmotivated sanctions, and also a policy of restraint – not only in the field of military-technical cooperation, but also in the usual, absolutely transparent and non-politicized economic relations”.
So it is about the return of the golden ruble (it doesn’t matter what it will actually be called), but not in the form of fiat money, which continues to reside in the Breton-Oude coordinate system, but in the form of cryptocurrencies.
The tool in question will be extremely effective. From the point of view of the security of making cross-border payments, including in conditions of exclusion of Russia from the dollar or from SWIFT.
But the essence lies in something else. In fact, it is a reversal of the main variants of the Bretton-Oude system, when practically all national currencies of the world found themselves pegged to the dollar, which, in turn, was pegged to the gold standard. Later, in the course of the Jamaican system, attachment to the gold standard was abolished. But the dollar, of course, remains.
Now the ruble may return to the gold standard, even in the form of a cryptocurrency. On the contrary, it will be even more effective because it will allow foreigners (including Americans) to trade gold cryptorubles without fear of US sanctions.
Let’s imagine the following situation. Russia through “mining” issues a conditional gold ruble. It is acquired as an investment instrument by individuals and legal entities worldwide. This is how we monetize our gold reserves.
In theory, attracting gold-backed financing is still possible today (in the form of bonds), but increasing Western sanctions make such an instrument less attractive. With gold cryptorubles, such a problem will not arise.
In addition, the cryptocurrency in question will be needed in cross-border trade not only with Russia, but also with other countries. The reliability of the currency is guaranteed, volatility will be minimal. It will become somewhat more secure than Bitcoin.
But to implement Gutenev’s proposal, the consent of the Bank of Russia is needed. And here there will be problems. Elvira Nabiulina is unlikely to oppose the IMF, whose task is to preserve and maintain the Breton-Oude system. The economic side of the issue here is obvious, but political will is needed from the leadership of the Central Bank. And Nabiulina doesn’t have one.
In addition, for the implementation of Gutenev’s proposal, the Bank of Russia must return to active purchases of gold on the domestic market. But, alas, the Central Bank never replenishes its reserves, and our gold continues to flow into London. Every year we lose 200-300 tons, with which we can ensure the issue of gold cryptoruble.
However, since these proposals sound at an official level, certain work is being done, and pressure is being put on Nabiulina.
Translation: V. Sergeev
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