© Reuters.
Author: Gunay Caymaz
Investing.com – Alexander Praznikov, director of the Crypto Industry and Blockchain Association of Russia, told the local news agency that Iran’s central bank plans to develop a stablecoin project with Russia for use in foreign trade.
Braznikov stated that the cryptocurrency under discussion will be based on gold. According to the release, the gold-based stablecoin is to be used in the Astrakhan Special Economic Zone, where Russia has started accepting Iranian products in the first stage.
Anton Tkachev, a member of the Committee on Information Policy and Information and Communication Technologies of the Russian Parliament, also confirmed the study of the stablecoin cryptocurrency announced by Alexander Braznikov. However, Tkachev acknowledged that the project is on the agenda and said it will be considered in parliament after the finalization of cryptocurrency regulations in Russia. According to this statement, trading in the stablecoin cryptocurrency could extend into the next year.
Although the Central Bank of Russia has softened its stance towards cryptocurrencies against the sanctions imposed on the country in recent months, it does not favor their use in the country. However, central bank officials are of the opinion that the use of cryptocurrencies in foreign trade transactions may be appropriate.
After the Russian invasion of Ukraine, the United States and Western countries imposed severe economic sanctions on Russia. Moreover, companies are prohibited from trading cryptocurrencies with Russian citizens and companies.
On the other hand, Iran is a country that has been facing the US ban for a long time. Both countries have created the option of using cryptocurrencies from time to time to bypass sanctions. Among these countries, Iran has taken a step forward and carried out the first foreign trade transaction using cryptocurrencies in recent years.
In the current situation, the issuance of a cryptocurrency linked to gold under the control of two countries may be required as a new channel for transferring funds with other countries that have the possibility of joining this system later.