May 18, 2024
  • United States: 05:19 AM
  • Canada: 05:19 AM
  • United Arab Emriates: 01:19 PM
May 18, 2024
United States: 05:19 AM|
Canada: 05:19 AM|
United Arab Emriates: 01:19 PM

Russia and Iran Launch Gold-Backed Stablecoin

Iran and Russia are working together to launch the stablecoin for international settlements.

stablecoin

Source: Bitcoin News
Cryptocurrency is changing the scenario of payment methods and every country is indulging in the crypto market.Iran’s Central Bank is willing to launch a digital token with Russia’s participation to facilitate trade in the Persian region.

Russia And Iran Launching A Stablecoin

The Executive Director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), Alexander Brazhnikov told the media, “It is assumed that the token will be backed by gold, it would be a stablecoin.”

The coin will be accepted as payment in the international settlements between both the countries and others.

People who might not be aware of the term “Stablecoin”, if you know Russians aren’t that much involved in cryptocurrency and Russian authorities have been postponing the adoption of comprehensive regulations for bitcoin.

Russia Need To Regulate Cryptocurrencies

Rumors about the stablecoin were circulated last year, but to progress this operation Russia has to regulate cryptocurrencies.

russia and iran stablecoin
Source: The Prayers
Russia and Iran both are facing heavy punishment in the economic and financial areas and have been looking to crypto assets as a means to circumvent restrictions. However, in August Iran made its first official import order using cryptocurrency while Russia considers legalizing cross-border crypto payments.
Russia is already in a difficult state ever since they called out for war against Ukraine last year.
source: PARHLO
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