🌎 Russia Tests Gold-Backed Tokens for Cross-Border Trades Amid Sanctions

As sanctions continue to impact Russia, the country is exploring gold-backed tokenized assets for cross-border trades, with broader testing planned by the end of the year.

Russian lawmakers are considering the introduction of gold-backed tokenized assets, managed directly by the central bank, to address ongoing challenges in cross-border payments.

According to local reports, discussions involving high-profile officials and major banking sources suggest that Russia is evaluating this approach to provide enterprises with a stable mechanism for international transactions. However, this initiative is not yet in development at the state level.

Anatoly Aksakov, head of the State Duma Banking Committee, revealed that market participants are currently testing gold-backed tokens, with plans for full-scale availability by year-end. While the regulatory framework for these tokens is already in place, Aksakov did not disclose specific details on operators or transaction processes, citing concerns over sanctions.

In early July, it was reported that Russia’s central bank, the Bank of Russia, is considering the legalization of stablecoins for cross-border transactions to maintain trading activity with China. Central bank deputy governor Alexei Guznov mentioned that the proposal is under discussion and has been formulated, adding that the eventual goal is to regulate the entire process chain to enable individuals to “transfer these assets into Russia, accumulate them, and use them for international payments.”

Guznov also indicated that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.