Russian Central Bank Deputy Governor: CBDC to be tested on April 1
The Russian Central Bank is expected to launch the country's first pilot program for CBDC on April 1st this year!
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Gold Stablecoin
Apart from CBDC, Russia is currently exploring other systems to bypass USD settlements, including reports last month of the Russian Central Bank collaborating with the Central Bank of Iran to create a "Gold Stablecoin," as well as the SPFS financial messaging system developed in 2014.
Amid trade sanctions, many of Russia's "USD reserves" have been frozen, prompting the use of gold. Russia continues to acquire gold, currently holding the world's fourth-largest gold reserves and foreign exchange assets, valued at $582 billion.
However, having gold does not make one invincible. Gold does not yield interest and sometimes faces discounted settlements (due to trade sanctions).
It is likely that the Gold Stablecoin developed by Iran and Russia is merely a means for Iran to access Russia's inexpensive natural gas. Once trade sanctions are lifted, the effectiveness of the Gold Stablecoin and whether people will still choose the convenient USD remain unknown.