Russia and Iran discuss joint gold-backed stablecoin

Digital currency would be used for foreign trade settlements in special economic zone


The Central Bank of Iran is in talks with Russia to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

The digital currency would be backed by gold and operate in the special economic zone (SEZ) in Astrakhan, where Russia has begun to accept Iranian cargo. The SEZ lies on a major north-south transport corridor in southern Russia, and was designed to allow faster delivery of goods from Europe through Iran to the Middle East and south Asia.


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