On the need to create an interstate gold-backed digital currency

Abstract

Subject. This article focuses on the issues of creating an interstate currency, different from the existing world's reserve currencies, for export and import operations with various countries. Objectives. The article aims to develop the main provisions for the creation of an interstate currency to overcome the current and possible sanctions pressure of the United States, Western countries and Japan on the rest of the world, as well as its introduction into the world non-Western financial system. Methods. For the study, I used the dialectical, historical, logical, and economic and methodological research methods. Results. The article critically assesses the problems that the international trade activity of both the Russian Federation under intergovernmental contracts and its economic entities has faced and will face in the future. Conclusions and Relevance. The article concludes that the policy of the United States and its satellites is aimed at the practical impossibility of conducting international transactions in reserve currencies, the transition to payment for international transactions in the national currencies of the participating countries poses significant threats, and similar problems of the modern economy have been repeatedly successfully solved by our predecessors on the basis of pegging the currency to the gold standard. Theoretical research and practical proposals can be used by the Russian Federation and a number of other countries, including the BRICS intergovernmental organization, to create an international currency that does not depend on the Bretton Woods system of monetary relations and trade settlements.