Join the BitcoinNews Telegram channel for daily updates >>LINK

Russian Lawmaker Suggests Crypto for Arms Exports to Avoid Sanctions

Russian Lawmaker Suggests Crypto For Arms Exports to Avoid Sanctions

Support free writers: > send a tip

written by

A senior Russian lawmaker has said he believes a cryptocurrency backed by gold may be the right course of action to avoid Western-imposed sanctions on arms exports.

Vladimir Gutenev, first deputy head of the economic policy Committee at the State Duma, has called on Moscow to suspend all shared treaties with the US including the non-proliferation of missile technologies and to adopt cryptocurrency in order to avoid USD-based commerce. He called this an ”asymmetric response to the US”.

Speaking to local news outlet TASS, Gutenev claimed that the US was attempting to block Russian weaponry and civilian goods, and the way around this could be found through conducting transactions in gold-backed cryptocurrencies. He added, ”I’m sure that this will be a very interesting option for China, India, and other states as well.”

While Gutenev did not point to any digital currency in particular, the Royal Mint Gold (RMG) launched by the British Royal Mint earlier this year is the most prominently recognized cryptocurrency with a value linked directly to gold. Backed by USD 1 billion in gold bars stored in the Royal Mint’s vaults, one RMG is right now priced equivalent to one gram of gold.

Russia may have alternative cryptocurrency options, however, as President Vladamir Putin is rumored to be developing a national cryptocurrency in Moscow reportedly being dubbed the cryptoruble, even having apparently met with Vitalik Buterin to discuss the topic. Putin denied any claims of a national cryptocurrency in June this year, however.

Gutenev advocated for the Kremlin to withdraw from US treaties as the government discusses new sanctions against Russia. A discussion in the US of the proposed sanctions was triggered in April after Russia’s involvement in the Syrian conflict, followed by America’s sanctioning of six Russian entities due to accusations of violating its weapons of mass destruction non-proliferation treaty.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on View our Media Kit PDF here.

Image Courtesy: Pixabay

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


The Tragedy of Fiat Money

Over the course of the last 18 years, the European Central Bank (ECB) printed new currency, multiplying money supply by more than 5 times, bringing it to 1308 billion. Here we discuss whether or not the central bank’s actions could be considered a robbery.

Read More »


Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter