Financial regulators of Iran and Russia intend to issue a stablecoin backed by gold. The asset is planned to be used in foreign trade transactions.
The Central Bank of Iran plans to create “the token of the Persian Gulf region” in cooperation with the Russian government. The asset will be a stablecoin backed by gold. This was reported by the Vedomosti media outlet citing Alexander Brazhnikov, Executive Director of the Russian Association of the Crypto Industry and Blockchain.
The asset is to be used as an alternative to fiat currencies for foreign trade and cross-border transactions. Anton Tkachev, Member of the Duma Committee on Information Policy, Information Technology, and Communications, confirmed to the newspaper the cooperation and negotiations on creating the stablecoin.
However, the official clarified that the project would be launched at the state level only after the full implementation of the cryptocurrency regulation. Recall that this is planned to happen in 2023. In the same year, the Russian authorities intend to allow the payment of “gray” imports in crypto.
A pilot project of a gold-backed stablecoin may be launched in the special economic zone in Astrakhan, where Russia accepts Iranian cargoes. The Iranian authorities allowed local entrepreneurs to pay for imports in crypto last year. Moreover, the Islamic Republic of Iran was actively developing the digital rial (CBDC) in 2022.
