Officials reveal that Iran and Russia are considering issuing a gold-backed stablecoin
According to a report received by the head of a crypto industry organisation in the Russian Federation, Iran’s central bank is considering the possibility of a digital token to make trade in the Persian region better and more convenient with Russia, as well as trying to develop. The coin could be accepted as payment in international settlements and Alexander Brazhnikov, executive director of the Russian Federation of Crypto Economics, Artificial Intelligence and Blockchain (RAKIB), tells business daily Vedomosti to share his thoughts on whether it is considered The token will be backed by gold and can indeed be seen as a feminine currency.
If told, this stable coin is a crypto currency, its value is usually linked to fiat currencies issued by states or linked to precious metals, whereas the Russian authorities postponed the adoption of bitcoin and such comprehensive regulations, i.e. different. and the Bank of Russia have opposed interference in the country in which a proposal to allow the use of supported stable coins was issued or circulated last year. The largest coin backed by physical gold currently ranks 74th by capitalization with a market capitalization of over $511,000,000 according to the issuer, PAX Gold. is an ERC20 token based on the Ethereum blockchain.
The talks were reported and confirmed by Anton Tkachev, a member of the Information Policy and Information Technology and Communications Committee of the State Duma, the lower house of the Russian parliament. He remarked that the matter will be actively discussed or proposed to be discussed at the state government or state level only after cryptocurrencies are fully regulated. Both Russia and Iran are viewing crypto assets as an alternative to sanctions under Western economic and financial sanctions, and certainly see a great deal of the technology as a means rather than a deterrent. In August, Iran placed its first official import order using crypto currency, while Russia set out to legitimize cross-border crypto payments, as well as to circumvent further sanctions. Striving to move forward, it is gearing up to legalize crypto. Both nations are also trying to develop a central bank digital currency (CBDC), digital ruble and crypto rial, which will further increase crypto activity.
