In light of the advancements in digital assets and the pressures exerted on states, Russia and Iran are now exploring the development of a jointĀ stablecoinĀ that would be backed byĀ gold.
The executive director of the Russian Association of theĀ cryptoĀ industry andĀ blockchain, Alexander Brazhnikov,Ā revealedĀ that the Central Bank of Iran is considering the creation of a stablecoin with the Russian Federation as a means of payment in transactions involving international trade, according to the local Russian news outletĀ Vedomosti.
Brazhnikov said that the coinās value would be tied to gold (i.e., a stablecoin). Astrakhan is a free-trade zone where Russia has started accepting Iranian merchandise; therefore, the coin would be usable there.Ā
Stablecoin is to be discussed at the state level
Anton Tkachev, a member of the Duma and the Committee on Information Policy, Information Technology, and Communications, acknowledged the discussionsā existence. After cryptos are completely regulated in Russia, which should happen in 2023, Tkachev said the issue would be considered at the governmental level.
The Russian Central Bank does not support the usage ofĀ cryptocurrenciesĀ like Bitcoin (BTC) or Ethereum (ETH)Ā as a method of payment anywhere inside the nation. On the other hand, it allows for the usage of cryptocurrencies in business dealings, including international trade.Ā
Notably, following Russiaās full-scale invasion of Ukraine, the authorities of the European Union enacted a ban prohibiting European firms from offering any services linked to cryptocurrencies to residents of Russia.
Interestingly, in August 2022, Iran made the first-everĀ import of goodsĀ using cryptocurrency worth millions.