According to reports, the Central Bank of Iran and the Russian government are working together to issue a new stablecoin that is backed by gold to be used in overseas trade.
Iran and Russia are collaborating to develop a "token of the Persian Gulf region" that would be used as a form of payment in international trade, according to the Russian news agency Vedomosti.
According to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain, the token would likely be released as a stablecoin backed by gold.
Instead of using fiat currencies like the US dollar, the Russian ruble, or the Iranian rial, the stablecoin intends to enable cross-border transactions. According to the article, the possible cryptocurrency would function in Astrakhan's special economic zone, where Russia began to accept Iranian cargo shipments.
The Committee on Information Policy, Information Technology, and Communications member from Russia Anton Tkachev empha...
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