Russia and Iran are working on a gold-backed cryptocurrency to take on the dominant dollar, report says
Russia and Iran are reportedly working together to launch a cryptocurrency backed by gold, with the idea the"stablecoin" could replace the US dollar for payments in international trade.
The two sanction-hit countries want to issue a"token of the Persian region" for use in cross-border transactions, Monday. The plan is to launch it in a special economic enclave in Astrakhan in southern Russia, which already handles Iranian shipments. Those payments are typically done in government-issued currencies such as the US dollar, Russian ruble and Iranian rial.
But the joint project will only be able to move forward once Russia's market for digital assets is fully regulated, according to a top Moscow lawmaker. In September, the Bank of Russia for international payments to soften the impact of financial sanctions, but has yet to clarify its plans.
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