IRAN AND RUSSIA TO ISSUE GOLD-BACKED STABLECOIN – BITNATION
Introducing a New Gold-Backed Cryptocurrency: Collaboration between Iran and Russia
Discover the latest development in the world of cryptocurrencies as the Central Bank of Iran and Russia join forces to launch a revolutionary digital currency. This innovative “token of the Persian Gulf region” aims to revolutionize international trade by providing a secure and efficient means of payment.
Renowned industry executive Alexander Brazhnikov has revealed that the proposed cryptocurrency will be a stablecoin, meticulously backed by gold. This ensures stability and reliability, making it an ideal replacement for traditional currencies like the Russian ruble, US dollar, or Iranian rial in cross-border transactions.
While Russia is in the process of accepting Iranian commercial deliveries in its Astrakhan special economic zone, this collaborative effort signals a bold step towards embracing cryptocurrencies in international trade. Despite both countries’ current restrictions on domestic cryptocurrency usage, they have been actively promoting digital currencies for global commerce.
Last year, Iran’s Ministry of Industry, Mines, and Trade approved cryptocurrency usage for imports, providing a much-needed solution to economic burdens and international trade restrictions. Iran’s groundbreaking move was followed by its historic foreign import purchase using $10 million worth of cryptocurrency.
Russia’s regulatory stance on cryptocurrencies has undergone a transformation, with the Bank of Russia now permitting their use in international trade. Although the specific cryptocurrency for foreign trades remains undisclosed, the country’s shift highlights the growing importance of digital currencies in the global economy.
Interestingly, Russia has even witnessed crypto donations pouring in during its conflict with Ukraine. Reports indicate that over $2 million, primarily in Bitcoin and Ether, has been donated. Notably, these contributions have been allocated to various purposes, including supporting paramilitary organizations and funding pro-Russian propaganda websites. The funds have also been used to acquire essential military equipment like drones, firearms, and protective vests.
The collaboration between Iran and Russia marks an exciting chapter in the world of cryptocurrencies, where gold-backed stablecoins are set to transform the landscape of international trade. Stay tuned for the imminent launch of this groundbreaking digital currency.