Russian State Duma Rejects Bill on Gold-Backed Stablecoin Payments
- —The bill sought to classify gold-backed stablecoins as digital financial assets for foreign trade payments
- —Lawmakers and the cabinet said the document lacked a mechanism tying tokens to the gold price
- —Domestic stablecoin payments would have remained banned under the proposal
- —The Bank of Russia previously said the market has no demand for a separate stablecoin category
Why it matters: No dedicated legal status for gold-backed tokens will emerge, leaving Russian firms to rely on existing experimental regimes and ruble-denominated digital assets.
Source: BeInCrypto RU