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.
Alexander Brazhnikov, executive director of the Russian Association of the Crypto Industry and Blockchain, told Moscow-based Vedomosti about the stablecoin negotiations. Anton Tkachev, a member of a Duma committee on information technology, confirmed to the Russian business daily that the talks are taking place.
The issue would be discussed at a state level only after cryptocurrencies are fully regulated in Russia, Tkachev said. Russia is expected to introduce crypto regulation in 2023. Iran has already legalised the use of crypto for imports.
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