Iran and Russia Collaborating on Gold-Backed Cryptocurrency

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

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

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.

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

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