Dear Readers,

With the war against Russia and Ukraine getting intense day by day and eyeing no stop in the near future, there were many associated effects that the world are facing. 

The Western countries have taken various steps to impose various sanctions against Russia. But, as a major supplier of crude oil, Russia has stopped its supply to the western countries. This pushed these countries more difficult in the electricity production and they suffered a lot during this winter too. Russia could not trade either in US Dollar and in Euro. It is trading in its own Ruble with the partnership of various banks with its friendly countries. It offers crude oil in a cheap price to India as well. 

In an effort to overcome this crisis, it is said to be that Russia and Iran is working together for a new crypto stable coin- Persian Gulf to facilitate the cross border/ international trade and payments. This stable coin would be backed up with the value of gold. 

In April last year, When Russia started its military operations against Ukraine in February 2022, the International Monetary Fund warned that Russia could use the crypto ecosystem to get around the Western sanctions that have been imposed on the country. 

Currently USDT and USDC are the stable coins backed up by the value of the US Dollar. 

The Indian Crypto Exchange Zerodha Founder Nikhil Kamath expressed through his twitter account said that if this stablecoin develops, this would be a new economic order around the world and the International press is not giving much importance for this. 

Amidst the situation is worser, Let's wait for the growth of the Crypto development and acceptance!