Companies in Russia have begun an experiment in using digital financial assets backed by gold to settle accounts with foreign partners. Acsour experts explain how this system works and what prospects it opens up for business.
How does it work?
The mechanism of foreign trade settlements using "digital gold" includes the following stages:
Testing settlements with "digital gold" in Russia
A pilot transaction within the framework of the project for settlements using "digital gold" took place in mid-2024 on one of the Russian digital platforms. For the pilot launch, the organizers themselves acted as buyers of tokens for rubles, and the redemption of the asset with the receipt of gold is scheduled for May 2025.
Acsour experts note that the key advantage of such settlements is the lack of need to make payments through banks: such settlements do not require banking infrastructure, which makes "gold" digital financial assets a convenient tool in the context of sanctions.
"Gold" digital assets can become a key tool in the field of trading raw materials and other goods for countries facing sanctions pressure, acting as an alternative to traditional payment channels.
Regulatory framework for foreign trade settlements using "digital gold"
The use of digital financial assets in settlements on foreign trade transactions is regulated by the regulatory framework that was formed in 2024 after the State Duma adopted amendments to the law on digital assets.
The key goal of the legislator was to create a regulatory framework for the use of digital financial assets in international settlements so that Russian importers and exporters would receive a new tool for servicing foreign trade transactions.
After the law came into force, the use of gold-backed digital financial assets in settlements with foreigners received official permission.
The Bank of Russia is involved in regulating the new instrument for foreign trade settlements: it maintains a register of information system operators entitled to issue and use digital financial assets.
The emergence of a new cross-border payment scheme may seriously affect the role of traditional cryptocurrencies in international settlements: the proposed format of settlements using "digital gold" has a number of advantages. For example, digital financial assets have a relatively stable value and are controlled by authorized organizations.
Acsour experts note that the legislative framework for cryptocurrency and digital financial asset mining is still under development, which creates both opportunities and challenges for businesses.
If your business is considering working with digital financial assets, Acsour recommends:
How does it work?
The mechanism of foreign trade settlements using "digital gold" includes the following stages:
- Issue of a token (digital right), the value of which is tied to the price of gold and confirmed by the pledge of a gold bar.
- Transfer of the token to a foreign counterparty as a means of payment for goods or services instead of traditional currency.
- Conversion of "digital gold". Upon receipt of "gold" digital financial assets, the foreign seller can exchange them for physical gold or its monetary equivalent. It is important to note that the digital asset received by the counterparty can be transferred further along the settlement chain: for example, the token can be used to pay for goods and services from other suppliers.
Testing settlements with "digital gold" in Russia
A pilot transaction within the framework of the project for settlements using "digital gold" took place in mid-2024 on one of the Russian digital platforms. For the pilot launch, the organizers themselves acted as buyers of tokens for rubles, and the redemption of the asset with the receipt of gold is scheduled for May 2025.
Acsour experts note that the key advantage of such settlements is the lack of need to make payments through banks: such settlements do not require banking infrastructure, which makes "gold" digital financial assets a convenient tool in the context of sanctions.
"Gold" digital assets can become a key tool in the field of trading raw materials and other goods for countries facing sanctions pressure, acting as an alternative to traditional payment channels.
Regulatory framework for foreign trade settlements using "digital gold"
The use of digital financial assets in settlements on foreign trade transactions is regulated by the regulatory framework that was formed in 2024 after the State Duma adopted amendments to the law on digital assets.
The key goal of the legislator was to create a regulatory framework for the use of digital financial assets in international settlements so that Russian importers and exporters would receive a new tool for servicing foreign trade transactions.
After the law came into force, the use of gold-backed digital financial assets in settlements with foreigners received official permission.
The Bank of Russia is involved in regulating the new instrument for foreign trade settlements: it maintains a register of information system operators entitled to issue and use digital financial assets.
The emergence of a new cross-border payment scheme may seriously affect the role of traditional cryptocurrencies in international settlements: the proposed format of settlements using "digital gold" has a number of advantages. For example, digital financial assets have a relatively stable value and are controlled by authorized organizations.
Acsour experts note that the legislative framework for cryptocurrency and digital financial asset mining is still under development, which creates both opportunities and challenges for businesses.
If your business is considering working with digital financial assets, Acsour recommends:
- Assess the feasibility of using digital financial assets in your business: analyze foreign trade transactions, compare benefits with costs
- Choose a reliable platform for working with digital financial assets: make sure that the operator is included in the register of the Bank of Russia
- Prepare document flow and organize correct accounting of transactions with digital assets
- Work out tax aspects, clarify issues such as the moment of recognition of income/expenses, consolidate a position on controversial issues in the accounting policy
- Prepare for audits: pay attention to local regulations, be ready to confirm the economic feasibility of transactions
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