Just a few days ago, news broke that Russia and Iran were working together to create a gold-backed cryptocurrency, as far as is known, this crypto asset would operate in a special economic zone in Astrakhan, where Russia has begun accepting Iranian cargo. According to various statements issued, both governments are considering the development of a new stablecoin that would replace existing traditional currencies and cryptocurrencies and would be used to facilitate payments and acceptance of goods and allow international transactions in the form of a digital currency.The creation of this type of cryptocurrency is an idea that the government of Iran has had for some time and Russia has recently joined this effort. The idea of launching this cryptocurrency is to replace the US dollar in bilateral trade and international trade, which could benefit both countries by allowing them to avoid using the US dollar for international payments and transactions. The Astrakhan Special Economic Zone is part of the plan and would serve as an economic enclave for this new gold-backed cryptocurrency.
The Russian government has already begun work on creating this special economic zone, and this new cryptocurrency known as the "Persian token" or "Iranian-Russian Stablecoin" would allow them to bypass restrictions imposed by U.S. sanctions and cut ties. trade with the U.S. dollar while you can still make international payments and transactions. The project is still in its infancy and it is not clear how much gold would be used to support this stablecoin, nor who would issue it. Central banks are also exploring the possibility of using cryptocurrencies for offshore transactions.
According to reports by various news agencies, the Central Bank of Iran has already taken steps to regulate the use of digital currencies within its borders, the delay in adoption by Russian authorities is due to the fact that the Russian ruble is still considered the most viable option for payments and foreign trade agreements. Currently, banks in Russia have ceased all opportunities to use foreign currency for all transactions within their territories, meaning that the only means left to conduct business abroad is through the use of rubles or other digital assets. as stablecoins.So far, Iran has adopted a policy suitable for cryptocurrencies and is actively exploring the possibility of issuing this digital asset. In Russia, however, the authorities have been much slower to accept cryptocurrencies. Despite opposing bitcoin and other decentralized currencies, Russian authorities are now considering this new token for payments and foreign trade agreements."
Resources
- https://www.indiatimes.com/worth/news/iran-russia-gold-backed-cryptocurrency-for-foreign-trade-590470.html
- https://thedalesreport.com/crypto-nfts/iran-and-russia-central-banks-seek-gold-backed-stablecoin-to-replace-dollar-in-foreign-trade
- https://www.businessinsider.in/investment/news/russia-and-iran-are-working-on-a-gold-backed-cryptocurrency-to-take-on-the-dominant-dollar-report-says/articleshow/97063724.cms
- https://bitcoinist.com/stablecoin-russia-iran-team-up
- https://www.ledgerinsights.com/report-of-russia-iran-using-gold-backed-digital-currency-may-be-overstated
- https://en.mehrnews.com/news/196217/Iran-Russia-discuss-creation-of-joint-gold-backed-Stablecoin
- https://www.indrastra.com/2023/01/russia-and-iran-to-launch-stablecoin.html
- https://www.forbes.com/sites/dominicdudley/2023/01/18/russia-and-iran-eye-up-trade-using-cryptocurrencies-to-avoid-dollars-and-sanctions
- https://www.timesnownews.com/technology-science/iran-russia-may-issue-new-stablecoin-backed-by-gold-aims-to-enable-cross-border-transactions-article-97037275
- https://news.bitcoin.com/iran-and-russia-consider-issuing-gold-backed-stablecoin-officials-unveil
- https://www.kitco.com/news/2023-01-16/Russia-is-working-with-Iran-on-a-gold-backed-stablecoin.html