Just a few days ago the news broke that Russia and Iran are working together to create a gold-backed cryptocurrency, as far as is known this cryptoactive would work in a special economic zone in Astrakhan, where Russia has started accepting Iranian cargo. According to various statements issued, both governments have been considering developing a new stablecoin, which would replace existing traditional currencies and cryptocurrencies and be used to facilitate payments and accept goods and enable international transactions in the form of digital currency.
The creation of this type of cryptocurrency is an idea that the government of Iran has had for some time and Russia has recently joined this effort. The idea of launching this cryptocurrency is to replace the US dollar in bilateral trade and international trade, which could be beneficial to both countries by allowing them to avoid using the US dollar for international payments and transactions. The Astrakhan Special Economic Zone is part of the plan and would serve as an economic enclave for this new gold-backed cryptocurrency.
The Russian government has already started work on creating this special economic zone and this new cryptocurrency known as "Persian Token" or "Iran-Russia Stablecoin" would allow them to circumvent the restrictions imposed by US sanctions and cut their ties. trade with the US dollar while still being able to make international payments and transactions. The project is still in its early stages and it is not clear how much gold will be used to back this stablecoin, nor who would issue it. Central banks are also exploring the possibility of using cryptocurrencies for offshore transactions.
According to reports from various news agencies the central bank of Iran has already taken steps to regulate the use of digital currencies within its borders, the postponement of the adoption by the Russian authorities is due to the fact that the Russian ruble is still considered the most viable option for payments and foreign trade agreements. At present, banks in Russia have cut off all possibilities to use foreign currency for all transactions within their territories, which means that the only means left to conduct business abroad is through the use of rubles or other digital assets. as stablecoins.
So far Iran has adopted a crypto-friendly policy and is actively exploring the possibility of issuing this digital asset. In Russia, however, the authorities have been much slower to adopt cryptocurrencies. Despite opposing Bitcoin and other decentralized currencies, the Russian authorities are now considering this new token for payments and foreign trade agreements.
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