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.
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