Iran and Russia collaborating to launch gold-backed stablecoin

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The Central Bank of Iran (CBI) is collaborating with the government of Russia to launch a stablecoin backed by gold.

According to a report that was released on Jan.15 by the Russian news site Vedomosti, the statement was made by Alexander Brazhnikov, the Russian Association of the Crypto Industry and Blockchain’s executive director.

The establishment of the stablecoin backed by gold will be addressed, at least according to a Russian official, once Russia decides to allow cryptocurrency trading.

Anton Tkachev, a Duma Committee on Material Policy, Information Technology, and Communications member, checked and verified the information.

Tkachev claims that both groups are now addressing the topic. The member of the Duma Committee that was speaking highlighted that despite this, the subject of such a stablecoin would only be investigated if cryptocurrencies were acknowledged as valid forms of payment in Russia.

Anton Tkachev, a Duma Committee on Information Policy, Information Technology, and Communications member, validated the information. According to Tkachev, the issue is now being discussed by both organizations.

The Duma Committee member emphasized that, nevertheless, the issue of such a stablecoin would only be explored if cryptocurrencies were accepted as legal tender in Russia.

At the beginning of December, Vedomosti published an article stating that Russia’s lower house of parliament expects to begin regulating transactions connected to cryptocurrencies in the year 2023.

Russia was all set

In September 2022, the Central Bank of Russia gave its approval for the use of cryptocurrencies in the making of international payments. Officials from the nation said that the geopolitical climate and other penalties compelled Russia to consider the possibility of legalizing cryptocurrencies at the time.

In addition, Russia has gone above and beyond by saying that it intends to settle its international transactions with Russia using the digital currency issued by its central bank (CBDC).

On the other hand, in August of this year, Iran became the first country in the world to allow its citizens to use cryptocurrencies as a form of payment for imports. The government also made its first order for a worldwide import worth $10 million.

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