Iran is reportedly working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade.
The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold.
Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade, Russia’s news agency VedomostiThe token is projected to be issued in the form of a stablecoin backed by gold, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain .
The stablecoin aims to enable cross-border transactions instead of fiat currencies like the United States’ dollar, the Russian ruble or the Iranian rial. The potential cryptocurrency would operate in a special economic zone in Astrakhan, where Russia started to accept Iranian cargo shipments, the report notes.
Russian lawmaker Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications, stressed that a joint stablecoin project would only be possible once the digital asset market is fully regulated in Russia. After multiple delays, the Russian lower house of parliament once again
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