The Central Bank of Iran is reportedly collaborating with the Russian government to launch a new cryptocurrency backed by gold. The goal of the partnership is to develop a token of the Persian Gulf region which can be used as a reliable payment method for the purposes of international trade.
As per Alexander Brazhnikov, Executive Director of the Russian Association of Crypto Industry and Blockchain, the token will be issued in the form of a stablecoin that is backed by gold that also seeks to replace fiat currencies such as the US dollar, Russian Ruble, and Iranian Rial in cross-border transactions.
According to various reports, the new crypto would operate in an Astrakhan special economic zone, where Russia has already begun to accept Iranian cargo shipments.
Furthermore, Russian lawmaker Anton Tkachev emphasized that a joint stablecoin project would be feasible only after the digital asset market in Russia becomes fully regulated. After much back and forth, Russia has apparently promised to begin regulating cryptocurrency transactions this year.
Russia and Iran are two of several nations which have prohibited their citizens from using cryptocurrencies such as Bitcoin and stablecoins like Tether to make payments. Simultaneously though, these two have also been working to adopt crypto as a tool for foreign trade.
New Stablecoin Backed By Gold To Be Launched Via Russia And Iran Collaboration
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
March 28,2024
Huge AI Merger Between Fetch, Ocean Protocol, And SingularityNET Announced
March 28,2024
Experts Claim Blast Hack Was In Fact An Inside Job
March 27,2024
Reputable Bitcoin Miner Will Establish New Base In Argentina
March 27,2024
KuCoin And Its Founders Sued By United States Department Of Justice
March 26,2024
Do Kwon Trial Begins Despite The Founder Not Actually Showing Up
March 26,2024
London Stock Exchange Will Add Bitcoin And Ethereum ETNs In May
March 25,2024
New Payment Limit For Crypto Wallets Scrapped By European Union
March 25,2024
Goldman Sachs Clients Look To Get Back Into Crypto This Year
March 25,2024
Fundraising Deals - 19th To 25th March 2024
March 24,2024
Bitcoin Undergoes Price Correction As International Economies Look To Recover
March 23,2024
Hackers Can Access Cryptographic Private Keys Of Mac Users
March 22,2024