Russia explores gold-backed cryptocurrencies despite ban on internal use File/representative image
Russia is reportedly working with the Central Bank of Iran to develop a joint gold-backed stablecoin for cross-border payments.
Russia’s Deputy Finance Minister Alexei Moiseyev said Russia is working with a number of countries to issue new gold-backed cryptocurrencies. The move is to abolish trading in fiat currencies such as US dollars and euros.
According to local Russian news outlet Vedomosti, Alexander Brazhnikov, executive director of the Russian Crypto Industry and Blockchain Association, has announced that the Central Bank of Iran will create a stablecoin with the Russian Federation to pay for international trade transactions. said it was considering
Zerodha co-founder Nikhil Kamath tweeted, “Iran and Russia issue new gold-backed stablecoins. Damn, if this recovers, the first event to establish a new economic order everywhere. Why can’t it get oxygen from the world press?”
A Cointelegraph report suggests that a potential cryptocurrency could work in the Astrakhan Special Economic Zone, where Russia has started accepting shipments from Iran.
Prohibition of use of virtual currency
Interestingly, Iran and Russia are among the countries that have banned payment of cryptocurrencies such as Bitcoin, Ethereum and stablecoins such as Tether (USDT). However, both countries are committed to adopting crypto as a tool for foreign trade.
In August 2022, Iran’s Ministry of Industry, Mines and Trade approved the use of cryptocurrencies for imports into the country. The country’s first international import order using cryptocurrency was his $10 million.
In particular, European Union authorities have enacted a ban prohibiting European companies from providing cryptocurrency services to Russian residents.
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