As sanctions keep biting, Russia is exploring gold-backed tokenized assets for cross-border trades, with plans for broader testing by year-end.

Russian lawmakers are exploring the introduction of gold-backed tokenized assets, directly managed by the central bank, as a solution for persistent cross-border payment challenges.

According to local reports, discussions involving high-profile officials and major banking sources suggest that Russia is evaluating this approach to offer enterprises a stable mechanism for international transactions. However, this initiative isn’t yet in development at the state level.

Anatoly Aksakov, head of the State Duma Banking Committee, revealed that market participants are currently testing the gold-backed tokens, with plans for full-scale availability by year-end. While the regulatory framework for these tokens is already in place, Aksakov didn’t disclose specific details on operators or transaction processes, citing concerns over sanctions.

In early July crypto.news reported that Russia’s central bank, the Bank of Russia, is considering the legalization of stablecoins for cross-border transactions to keep trading activity with China.

Central bank deputy governor Alexei Guznov said the proposal is under discussion and has been formulated, adding that the eventual goal is to regulate the entire process chain that would enable individuals to “transfer these assets into Russia, accumulate them, and use them for international payments.”

Guznov also indicated that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval weren’t disclosed.