Key Highlights:
- According to reports, Iran and Russia are working together to introduce the “Token of the Persian Gulf,” a stablecoin backed by gold.
- The stablecoin’s main goal will be to make international payments easier.
- Russia and Iran are both subject to strict international sanctions.
According to reports, the Russian and Iranian central banks are working together to launch a new crypto that is jointly backed by gold.
According to the Russian news agency Vedomosti, Iran and Russia are partnering to launch a gold-backed stablecoin named “token of the Persian Gulf region” that would be utilized as a form of payment in international trade.
Alexander Brazhnikov, the executive director of the Russian Association of Crypto Industry and Blockchain, stated the token would likely be released as a stablecoin backed by gold.
Role of the Duma Committee
Anton Tkachev, a core member of the Duma Committee on Information Policy, confirmed the reports regarding the launch of the new stablecoin. However, he made it clear that such a move could only be seriously explored once the Russian government had established the proper regulatory framework for the country’s domestic crypto industry.
According to a statement said at the end of 2022 by Anatoly Aksakov – Chairman of the State Duma Committee on the Financial Markets – that the authorities will apply such rules by the end of 2023, goes –
“I can assure everyone that we will definitely have crypto as a legal product next year, there will definitely be legislation… I can only say unequivocally that it cannot be used in the Russian Federation as a means of payment for internal settlements.”
A flashback for both countries
Russia and Iran are two nations that forbid their citizens from making payments with cryptos like Bitcoin and stablecoins like Tether (USDT). However, Iran and Russia have both been working hard to use cryptocurrency in international trade at the same time.
