Russia needs a new mechanism for international payments to be made in the context of Western sanctions, according to a report by Russia's VEB.RF development company.
According to the report, although Russia has taken response measures, the West's imposition of financial sanctions has led to economic losses for Russia. The report also pointed out that the transition to a completely different national financial and monetary system is underway.
VEB.RF analysts suggest Russia should create a stablecoin virtual currency anchored to gold, called the "golden ruble". According to the organization's research, Western countries will not have the opportunity to prevent activities carried out in currencies such as "gold rubles" because the exchange rate of this virtual currency will be linked to the gold exchange rate on the world market, not the USD or the Euro...
Golds support will ensure a gold ruble is immune to sanctions and the currency can be used freely in Russian transactions with the outside world, including transactions between third countries without the participation of Russia.
Analysts also proposed launching a cryptocurrency working mechanism for companies sanctioned on cryptocurrency exchanges in friendly countries or creating a national cryptocurrency exchange to facilitate "gold-back" trading.
VEB.RF also suggested that the Russian Central Bank should develop an international payment system for friendly countries using national digital currencies based on distributed ledger technology and introduce a risk-off system to eliminate currency risks.
In addition to an in-depth analysis of the world of digital currencies, analysts say that Russia's new financial system could integrate the large-scale use of exchange programs and new "offshore zones", especially with China. Moreover, experts also proposed creating a blockchain unit within the BRICS framework, which applies the IMF's special withdrawal right model but in digital form.
In addition to the "golden couple" proposal, VEB.RF's report also focuses on Russia's MIR payment system (a system similar to Visa and Mastercard) and the SPFS interbank messaging mechanism similar to SWIFT. Experts also suggest that these systems should be expanded beyond Russia, at least in the CIS and China.
