A worthless proclamation without redemption.
Why not just declare $100 dollars to be worth an ounce of gold to address inflation?
I think that the demand for gold will far outstrip the supply and the ruble will be devalued.
That’s great as long as you have the gold reserves to back it up. But with everyone agreeing that one ounce of gold is worth $1910, your reserves will be snapped up in minutes. I know that if I could purchase an ounce of gold for a Bennie, I would convert my IRA to gold in a minute.
So the lesson is if you are going to tie your currency to a commodity, be sure that 1) you have enough of the commodity to meet demand or your currency is going to be quickly devalued and b) tie your currency to the current rate to have any chance of it working.