RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Tuesday, rising 5.14 percent to $36,374 at 12:53 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,417, up 3.47 percent, according to data from Coindesk.
The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control, according to the chairman of the State Duma Committee on Industry and Trade, Vladimir Gutenev.
Gold-backed stablecoin can also be used for saving, Gutenev told the RIA Novosti news agency.
Such a financial product would be an interesting proposition for both private investors and companies.
The gold-backed stablecoin could be similar to a golden ruble, the parliamentarian elaborated, claiming Russia can employ it to circumvent sanctions and the policy of containment applied against the country.
The coin can also be used to facilitate regular and transparent economic relations with other countries, according to Bitcoin.com.
Commenting on Bank of Russia’s call for a ban on crypto mining, Gutenev said he thinks that cryptocurrency farms can be allowed to operate legally if their activities are under strict control of the state.
Miners can take advantage of the abundant energy resources and favorable climate conditions in some Russian regions, provided their facilities are powered transparently and they pay all due taxes.
Amid expanding US sanctions, Moscow is putting an emphasis on de-dollarization, Deputy Foreign Minister Alexander Pankin said.
Unionbank of the Philippines plans to offer cryptocurrency trading and custodial services, Bloomberg reported.
Unionbank is one of the largest universal banks in the Philippines with over $15 billion in assets under management.
The bank is also one of the first financial institutions in the Philippines to adopt cryptocurrency.
The average Filipino investor currently holds about 1 percent to 2 percent of their personal assets in cryptocurrency, such as bitcoin, Cathy Casas, head of the bank’s blockchain and application programming interface group said.
She added that if the markets were stable, investors would own between 3 percent and 5 percent in five years.
The Unionbank executive estimates that about 5 percent of the local population has dabbled in cryptocurrency. She added that many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games.