Russia’s New Gold Rush Could Shake Up the International Monetary System
Russia and China might be considering a gold-backed digital currency.
Russia is buying gold. A lot of gold. Within the span of a decade, the country quadrupled its reserves. Gold buying last year exceeded mine supply for the first time, so Russia is about to become a net importer of the metal.
Commentators have suggested possible reasons for the buying spree. Are the Russian authorities preparing for a renewed clash with the United States and are they attempting to reduce their vulnerability to financial sanctions? Or do they fear a homegrown financial crisis?
Others suspect something bigger may be at play.