Payments
Russian AI ATMs attempt to get Russians to cash in gold
October 21, 2025
Multiple companies in Russia are trying to get Russians to turn their gold into cash via AI powered ATMs, such as Goldexrobot. Russians hold an estimated 1,000 metric tons of gold, some of it going back to coins minted by Tsar Nicholas II in the early 1900s, according to a report by U.S. News.
The country currently holds a third of its reserves in gold and began ATM sales of gold last year. Evgeny Gorodilov, co-founder of Goldexrobot, said that many Russians are wary to part with their gold due to concerns surrounding fraud and unfair prices at places like pawnshops or trading platforms.
His ATMs use AI to perform spectral, hydrostatic and metal density analyses of the gold and offer customers a price with values from the Moscow Stock Exchange.
"Many people, while gold prices are high, are ready to exchange their reserves for real money," Gorodilov said in the report.
In order to make the sale, customers must provide identification and insert the gold into the slot. Once accepted, the money is deposited onto their bank card.
However, not all Russians are impressed with private gold investor Dmitry Semenov stating, "Gold ATM? No, why sell something at a discount when getting full price is possible. In 2026, I am confident there will be further growth in the value of gold. This is related to global instability and increasing rates of inflation."
Russia's economy has suffered due to economic sanctions imposed on it by Western powers due to its ongoing invasion of Ukraine. In addition, many Western countries are considering placing sanctions on its stablecoin A7A5, the largest non US dollar stablecoin in existence.
