Russia's government and Iran's central bank could supposedly team up and create a stablecoin called 'the token of the Persian Gulf region.'
Russia’s government and Iran’s central bank could supposedly team up and create a stablecoin called “the token of the Persian Gulf region.”
The Russian government and the Central Bank of Iran are reportedly mulling a partnership to create a new stablecoin that can facilitate cross-border settlements.by the Russian media outlet Vedomosti, the local authorities could collaborate with Iran’s central bank to launch a new crypto asset called “the token of the Persian Gulf region.”
Assuming it sees the light of day, it will replace fiat currencies such as the dollar, the euro, the ruble, and others in foreign trade transactions. Alexander Brazhnikov – Executive Director of the Russian Association of the Crypto Industry and Blockchain – said the coin will be backed by gold and will be employed in a special economic zone in Astrakhan.
“I can assure everyone that we will definitely have crypto as a legal product next year, there will definitely be legislation… I can only say unequivocally that it cannot be used in the Russian Federation as a means of payment for internal settlements.”Russia, specifically its central bank, has not displayed the most friendly stance on the digital asset industry. It
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