Iran and Russia want to issue a gold-backed stablecoin

there Russia and theIran are working together to release a new one stablecoins guaranteed by gold reserves. According to the Russian news agency Vedomostithe goal is to create one “Persian Gulf Region Token” which can be used as a means of payment in foreign trade. The stablecoin aims to replace fiat currencies like the US dollar, the Russian ruble or the Iranian rial for cross-border transactions. The token is expected to be issued in the form of a stablecoin backed by gold reserves Alexander BrashnikovExecutive Director of the Russian Crypto Industry Association.

The project will be operated in a special economic zone in Astrakhan, where Russia has started accepting shipments of Iranian goods. However, the Russian legislature Anton Tkachev He stressed that a joint stablecoin project will only be possible when the digital asset market in Russia is fully regulated. The lower house of the Russian parliament has promised to start regulating cryptocurrency transactions sometime in 2023.

Iran and Russia are among the countries that have banned their residents from using cryptocurrencies like Bitcoin and stablecoins like Tether (USDT) for payments. However, both countries are actively cooperating to introduce such instruments for foreign trade. In August 2022, Iran’s Ministry of Industry, Mines and Trade approved the use of cryptocurrencies for imports into the country, despite ongoing international trade sanctions.