The Russian legislator suggests the gold-bound cryptocurrency for arms exports

  Russia Missiles Gold Cryptocurrency

A senior Russian MP has suggested that Moscow should move to the cryptocurrency, supported by gold, for payments in Russian arms exports to evade financial sanctions from the West.

The famous legislator Vladimir Gutenev, first vice-chairman of the State Duma's Economic Policy Committee (the lower house of the Russian parliament), has urged the Kremlin to suspend treaties with the United States in a war escalation Politics

In April the Trump administration announced new sanctions against Russia as a punishment for the involvement of the latter in the Syrian conflict.

In a notice of the following month, the United States sanctioned six Russian entities for alleged violation of the non-proliferation treaty on weapons of mass destruction .

Speaking of an "asymmetric response" to the United States, Gutenev called for the suspension of treaties shared with the United States, including the non-proliferation of missile technologies, speaking to the largest Russian news agency TASS.

The legislator has asked the government to switch to a cryptocurrency as a means of avoiding US dollar-based trade and dependence on the global interbank system operated by SWIFT, an organization that has been influenced by US interests in the past.

The US "attempts to counteract Russian arms and civilian assets", said Gutenev to the TASS, adding:

"[Russia should] consider the possibility of conducting transactions in cryptocurrencies that are linked to the value of And I'm sure this will be a very interesting option for China, India and other states as well. "

The senior politician has not elaborated details about the cryptocurrency related to gold. The most important cryptographic token backed directly by gold was launched by the British Royal Mint at the start of this year. Dubbed Royal Mint Gold (RMG), the token crypto blockchain was first announced at the end of 2016 and is backed by $ 1 billion in gold bullion, nearly two tons of gold, stored in the vaults of the Royal Mint near Cardiff, Wales. A single RMG coin is worth its weight in an ounce of gold.

In January, Australia's largest precious metals refinery, the Perth Mint, also announced the development of its own cryptocurrency with gold.

The legislator's suggestion comes at a time when Russian President Vladimir Putin is believed to have ordered work on Russia's national cryptocurrency, dubbed the "cryptocurrency".

The Putin administration supported a Russian state cryptocurrency.

As reported by CCN at the beginning of January, Putin's economic advisor, Sergei Glazev, said that cryptocurrency will prove to be a "useful tool" to circumvent international sanctions.

At a meeting with Kremlin officials, Glavez reported:

"This instrument is very good for sensitive activities on behalf of the state, and we can settle accounts with our counterparts around the world without regard for sanctions. "

Russia has also been" accused "of helping Venezuela develop and launch" petro ", the world's first state cryptocurrency that the president supports Maduro. from the vast oil reserves of the country. The Kremlin has refuted the complaint.

Image of Russian missiles from Shutterstock.

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