Russia and China buying up gold may be setting the stage for a gold-backed cryptocurrency, suggests a former EU minister. However, such a scheme would still be inferior to Bitcoin, according to Russian economist Vladislav Ginko. Russia was the biggest buyer of gold last year and has quadrupled its gold reserves over the past decade. In fact, the country has ramped up its buying spree in recent years, in particular, after US-led economic sanctions were imposed in 2014. Notably, Russia’s central bank added 651.5 metric tons in 2018 — 74 percent higher than in 2017, according to the World Gold Council. It is estimated ... (full story)