Gold, one of the most sought-after hard assets, may once again become part of the global payment system. According to local reports, Russia will be piloting the use of digital gold assets for international settlements as a way to reduce its dependence on foreign currency and payment systems.
These digital gold assets are blockchain-based tokens whose value is pegged to the price of gold in international markets and backed by real gold stored in vaults. The pilot, which is intended solely for testing purposes, includes the purchase of digital gold assets for rubles and a subsequent repayment scheduled for May 2025.
According to Capital Lab partner Evgeny Shatov, this would be the first time these assets are used to settle international payments, opening the door to further experimentation.
The allure of using gold as a payment tool, as a hard asset, would provide a volatility buffer for the parties involved in the transaction. Nonetheless, Shatov recognized that there are still cons linked to this method. “The prospects for the development of international settlements using ‘gold’ digital financial instruments look promising, but are associated with a number of risks and challenges,” he detailed.
Gold settlements might also be part of an upcoming BRICS payment system, that Brazil has committed to develop during the period of its presidency at the bloc.
Economists like Jim Rickards have remarked on the role of gold as a commodity currency for BRICS countries. Digital gold would serve the same purposes but the need for ordering constant international deliveries of the precious metal.
Read more: Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’
Recently, gold has been in the mainstream due to its strong price performance and the increase in deliveries to the U.S. as investors are trying to cover for a possible total tariff scenario.
Read more: Tariff Watch: New York Becomes the World’s Gold Vault
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