Central banks in Iran and Russia are aiming to create gold-backed stablecoins for use in foreign transactions as a ploy to further cut trade ties with the US dollar.Not a fiat currency like the dollar, according to a recent report from the Russian Press Agency. knowledgethe two countries, which are sanctioned by various Western countries for restricting imports and exports, are committed to the “Persian Gulf” Tokens” will serve as a means of payment for foreign trade operations.
General Secretary Alexander Brazhnikov Russian Crypto and Blockchain Association (RACIB) told the press that the digital asset will be backed by precious metals similar to the gold-backed stablecoin PAX Gold (PAXG). The new stablecoin will replace US dollars, rubles and Iranian rials as a means of payment for bilateral agreements.
The plan is to operate a future gold-backed stablecoin in the special economic zone of Astrakhan, where Russia has begun accepting Iranian freight shipments. cointelegraph.
Russian parliamentarian Anton Tkachev, member of the committee Information Policy, Information Technology and Communicationstressed that a joint stablecoin project would only be possible after Russia’s digital asset market is fully regulated. Several delays have made the exact timeline uncertain.
Russia seeks to bypass US dollar for cross-border payments
Russian government agencies have been actively discussing the adoption of digital currencies in international agreements over the past year as they face new tough sanctions from the West in response to their invasion of Ukraine.
In September 2021, Russia’s Deputy Finance Minister Alexei Moiseyev explained that the country was considering building a stablecoin platform instead of circumventing international dollar- and euro-denominated payment rails. Tas.
In August 2022, Iran’s Ministry of Industry, Mines and Commerce approved the use of cryptocurrencies for imports into the country. The local government will then outline measures to help Iran mitigate the impact of trade sanctions. Iran then placed her first import order of US$10 million in crypto, but sought to ban certain crypto mining operations to ease the strain on the country’s power plants.
in Russia, Ministry of Finance and central banks agreed last year to work on a bill regulating the use of cryptocurrencies in cross-border payments and allowing their use in payment agreements. foreign trade. The lower house of the Russian parliament has promised to start regulating cryptocurrency trading by 2023.
