Reuters: Russia to set up 'gold ATMs' to encourage people to sell metal
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Fintech companies in Russia have begun using artificial intelligence to convince citizens to sell their gold through special vending machines. About writes Reuters.

At the same time, despite the record-breaking rise in the price of this metal – more than 60% this year – most Russians are in no hurry to part with their stocks.

Last year, Russia officially authorized automated gold sales operations. However, according to the agency, demand remains low, as Russians traditionally view gold as one of the most reliable ways to preserve savings – especially after Western sanctions were imposed that restricted investments in foreign currency and foreign assets.

Some families have been keeping gold coins since the days of Tsar Nicholas II – they survived the revolution, Stalin's purges, World War II, and the collapse of the USSR. It is estimated that Russians have about 1000 tons of gold in their possession.

Despite this, fintech companies are trying to simplify the process of selling the precious metal. In particular, the startup Goldexrobot plans to install 600 "gold ATMs" in shopping centers across the country.

Such machines use artificial intelligence to verify the authenticity of gold by analyzing its composition and density, and then offer a price based on the Moscow Exchange's quotation. If the client agrees, the money is transferred to his or her bank card.

Although the number of users of such machines has increased by about 10% this year, there has been no massive sale of gold.

Most Russians expect the price of gold to continue to rise, especially amid inflation and economic instability.