- Russia, and Iran are working together to develop a gold-backed stablecoin.
- The stablecoin replaces fiat currencies in cross-border transactions.
- Russia will regulate cryptocurrency transactions in 2023.
Russian news outlet Vedomosti reported that Iran and Russia are collaborating on a “token of the Persian Gulf region” to be used for payment in international trade. According to Alexander Brazhnikov, director of the Russian Association of the Crypto Industry and Blockchain, the token is expected to be launched as a stablecoin backed by gold.
The stablecoin is designed to function as an alternative to traditional currencies in international trade. Since Russia has started to permit Iranian cargo exports, the proposed cryptocurrency would function in the Astrakhan special economic zone.
Anton Tkachev, a Russian lawmaker and member of the Committee on Information Policy, Information Technology, and Communications, has already emphasized the need to regulate Russia’s digital asset market before the launch of a unified stablecoin initiative. After several years of delay, the Russian lower house of parliament has finally settled on 2023 as the year to begin regulating cryptocurrency transactions.
The Russian Duma began framing a draft amendment to the Digital Financial Assets Law on November 23, 2022, to regulate cryptocurrencies and establish a national crypto exchange. Sergey Altukhov, United Russia’s Economic Policy Committee member, confirmed the plans. He said.
It makes no sense to pretend that cryptocurrencies do not exist, but the problem is that it circulates in a large stream outside of government regulation. These are billions of rubles of lost budget revenues in the form of taxes.
The Iranian Ministry of Industry, Mines, and Trade approved using cryptocurrencies for imports in August 2022, even though international trade sanctions were still in place. The provincial administration said that the new policies would assist Iran in coping with the effects of international trade restrictions. Iran ordered its first overseas import with $10 million in cryptocurrencies.
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