13 Sep 2022 15:14

Foreign investors should be given anonymous points of entry for purchase of Russian digital currency - Duma committee head

MOSCOW. Sept 13 (Interfax) - Foreign investors should be able to purchase Russian digital currency through anonymous entry points, which will minimize the risk of falling under sanctions, while the domestic digital currency itself should be backed by real assets, head of the State Duma Committee on Industry Vladimir Gutenev said in his Telegram channel on Tuesday.

"This is necessary: domestic digital currency should be backed by real assets; the possibility of "anonymous entry points" should be created for foreign investors to purchase Russian digital currency to avoid the imposition of sanctions," Gutenev said.

He also backed the legalization of cryptocurrency mining, its anchoring in energy-abundant regions of Russia and without preferential connection rates.

"Civilized mining and thoughtfulness in the use of digital currencies will open up new opportunities for the financial, economic and technological sectors," the deputy said.

At the moment, a number of banks in Russia are discussing and already piloting the creation of only one domestic digital currency - the digital ruble, the concept drawn up for it by the Central Bank does not envisage its backing with real assets. At the same time, at the end of June, the VEB.RF Institute for Research and Expertise issued a report, which considered the state and prospects of payment system operations in international settlements. One of the report's proposals was the need, under sanctions, to issue a stablecoin [an asset-backed cryptocurrency] under the working title of "golden ruble," which would be backed by gold.

The scheme was proposed as follows: the state produces a digital currency, secured by gold from gold reserves i.e. a "gold ruble", the state creates an exchange, which exchanges currencies for the "gold ruble", a buyer buys "gold rubles" on the exchange and pays for goods, after which the seller supplies goods and then exchanges the "gold ruble" for the necessary currency.

"A suggestion: it is quite possible to issue a stablecoin under the "golden ruble" working name backed by gold. There would be no way for the Americans to block transactions with the crypto-gold ruble, because the rate of the currency would be tied to the rate of gold on the world market. The main difference relative to the digital ruble is precisely in the gold backing, and it will be aimed not at domestic settlements, but at external ones, including between third countries without Russia's participation," the statement said.

Earlier, Prime Minister Mikhail Mishustin instructed the Finance Ministry jointly with the CBR, Rosfinmonitoring, The Federal Tax Service (FTS) and FSB to develop a coordinated position on the use of digital currencies in international payments by December 19.