The Central Bank of Russia is reportedly reviewing a proposal that, if passed, would introduce a new stablecoin supported by the gold reserves of the country.

According to a Russia-based national news outlet RIA, on May 23rd, Elvira Nabiullina – the Governor of Bank of Russia – has confirmed that it is seriously discussing the positive aspects of a nationally approved, gold-backed stablecoin. The cryptocurrency is created to support cross-border payment processes in the Eurasian Economic Union (EEU).

Nabiullina also stated that a group of officers of the Bank of Russia believed that “it is more important to develop settlements in national currencies” prior to introducing a new stablecoin.

However, by putting the proposal up for approval, this marked the first time a central bank in the country is serious in further advancing the crypto scene in Russia by developing its own digital coin.

Throughout the years, numerous attempts have been made by the government to gradually turn Russia into a crypto-friendly region, much as Japan, Malta. Specifically, at the beginning of Q3 2018, the Russian parliament has officially announced its plan to legalize cryptocurrency. In 2019, Russian President Vladimir Putin has set the deadline – (July 2019) – for the assembly to come up with regulations that help control virtual currency activities in the nation.

Recently, Russia Central Bank has reportedly issued a new policy brief published on April 18 on the advantages and drawbacks of central bank digital currencies (CBDCs).