Russia and Iran are exploring launching a joint cryptocurrency backed by gold

In view of the advances in digital assets and the pressure on countries, Russia and Iran are now exploring the development of a common stable currency backed by gold.

The executive director of the Russian Cryptocurrency and Blockchain Industry Association, Alexander Praznikov, revealed that the Central Bank of Iran is considering creating a stablecoin with the Russian Federation as a means of payment in transactions involving international trade, according to the local Russian news agency. Vedomosti.

Brazhnikov said that the value of the currency would be linked to gold (ie a stablecoin). Astrakhan is a free trade area where Russia has begun to accept Iranian goods; So the currency can be used there.

Stablecoins should be discussed at the country level

Anton Tkachev, a member of the State Duma and Committee on Information Policy and Information Technology and Communications, acknowledged that there were discussions. After cryptocurrencies are fully regulated in Russia, which should happen in 2023, Tkachev said the issue will be looked into at the government level.

The Russian Central Bank does not support the use of cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH) as a payment method anywhere in the country. On the other hand, cryptocurrencies are allowed to be used in commercial transactions, including international trade.

Most notably, in the aftermath of Russia’s all-out invasion of Ukraine, EU authorities issued a ban prohibiting European companies from providing cryptocurrency-related services to residents of Russia.

Interestingly, in August 2022, Iran made its first ever import of cryptocurrency goods worth millions.

After Russia and Iran explored to launch a joint gold-backed cryptocurrency it appeared first on Coinphony.

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