Russia and Iran, two countries that want to develop guidelines to regulate the cryptocurrency sector, are reportedly planning to form an alliance to co-develop a stablecoin. The crypto asset, which will be backed by gold as a reserve asset, could be named the ‘Persian Gulf token’. This stablecoin aims to remove the need for fiat currencies to facilitate cross-border transactions. To create this stablecoin, the Central Bank of Iran will work closely with the Russian government in the coming months.
The development was revealed by Alexander Brazhnikov, executive director of the Russian Federation of the Cryptocurrency Industry and Blockchain. report good By Vedomosti publication of Russia.
after Russia announced military battle on Ukraine last year, several countries issued sanctions against Russian citizens accessing funds stored in international accounts.
The turn of events propelled Russia down a different path than what it originally intended to do crypto assets Ban them.
On the other hand, Iran has been approaching the crypto sector with a friendlier approach for some time now. Financial regulators there are already expanding a pilot test of their central bank digital currency (cbdc) is called Digital Rial.
Additionally, US-Iran diplomatic relations have been far from cordial in recent decades. Therefore, Iran also wants to eliminate the need for the US dollar to facilitate international transactions.
is told that stablecoinUpon launch, it will begin its operations in the Astrakhan special economic zone, where Russia receives cargo shipments from Iran.
More details are awaited regarding the upcoming stablecoin co-developed by Russia and Iran.
stable coins they are cryptocurrency, which trades in an otherwise volatile market, has maintained better prices than other altcoins during times of market decline. Stablecoins are pegged against the values of fiat currencies or regulated reserve assets such as gold.