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 unif …
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