Iran and Russia are mutually working on a gold-based cryptocurrency. The stablecoin will be liable for cross-border transactions and will likely replace United States Dollar (USD), Russian Rubel, and Iranian Rial. The upcoming Blockchain currency would operate in a special economic zone Astrakhan. Astrakhan is a place where Russia has started accepting Iranian cargo shipments.
Gold-based Cryptocurrency: Russia-Iran deal
The new gold-based cryptocurrency is called the “token of the Persian Gulf Region”. Moreover, the new Russian cryptocurrency will be free of digital market assets. The Russian government authorities are the only ones that can regulate stablecoin.
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Both countries aim to make a common cross-border trade that would also rectify the usage of the US dollar as a global trading currency. Recently, Russia and Iran banned their residents from using cryptocurrencies like Bitcoin and stablecoins like Tether (USDT) for any kind of payment.
On August 2022, Iran’s Mines and Trade Industry approved using cryptocurrency for imports into the country. Iran then placed its first international import order using $10 million worth of crypto.
Although both Russia and Iran have opposed usage of cryptocurrency as a payment gateway. Now, they have agreed to make a reliable gold-based cryptocurrency that would be used for cross-border trade. The all-new gold-based cryptocurrency would also help in removing the US dollar from the mainstream.
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