Iran and Russia Collaborating on Gold-Backed Cryptocurrency

Gold-Backed Stablecoin to Replace US Dollar, Ruble, and Rial in Inter-State Transactions

Iran’s central bank is reportedly working with the Russian government to issue a new gold-backed cryptocurrency, cointelegraph.com reported.

- Advertisement -

According to the report, Iran is working with Russia to create a “token for the Persian Gulf region” to be used as a payment method in international transactions.

The token is planned to be issued in the form of a gold-backed stablecoin, said Alexander Braznikov, head of the Russian Crypto and Blockchain Association (RACIB).

The stablecoin is intended to be used in interstate transactions instead of currencies such as the US dollar, Russia’s ruble and Iran’s rial. The project may be based in the Russian city of Astrakhan, where Moscow has started accepting containers from Iran, according to a report by Vedomosti news agency.

Read Also: Russian Duma has approved a bill to stop charging VAT on cryptocurrency

Anton Tkachev, a member of the Russian Duma’s Information Technologies and Telecommunications Committee, said a common stablecoin project would only be possible when the market for digital assets is fully regulated in his country.

The Russian lower house of parliament has promised to start regulating crypto transactions within 2023.

- Advertisement -

Read Also: Russia May Legalize Cryptocurrencies As A Means Of Payment

Previous Articles:

- Advertisement -

Latest News

UAE Denies TON’s Golden Visa Offer for $100K Staked Toncoin

The Open Network (TON) announced a program offering 10-year UAE Golden Visas to applicants...

Putin: 90% of BRICS Transactions Now Settled in Local Currencies

BRICS confirmed that 90% of all transactions among member countries are now settled in...

Bitcoin, Major Cryptos Jump as US Eyes Trade Deals Before Tariff Deadline

Major cryptocurrencies increased Sunday following comments from U.S. Treasury Secretary Scott Bessent about imminent...

XRP Poised for $5 Surge by 2027 After SEC Win and ETF Hopes

Ripple’s XRP token reached $2.23 in July 2025 after rising over 640% since July...

Must Read

6 Best VPN Providers That Accept Monero

Privacy and anonymity are probably the most important things that we should all consider in today's internet era. Although there are a lot of...