Iran and Russia are considering the edition of gold -covered stablecoin, unveiled civil servants - Finance
Iran and Russia are considering the edition of gold -covered stablecoin, unveiled civil servants - Finance
Tehran and Moscow discuss the possible introduction of a stable coin for international settlements, as the Russian press revealed. In order to shape the gold-covered currency, the authorities would first have to regulate crypto-assets, a legislator found.
Russian and Iranian representatives talk about the use of gold-backed stablecoin in foreign trade
The Iranian central bank is considering creating a digital token with the participation of Russia to facilitate trade in the Persian region, according to a report in which the head of the organization of the crypto industry is cited in the Russian Federation.
The coin could be accepted as a means of payment in international billing, said the executive director of the Russian Association for Crypto -Economics, Artificial Intelligence and Blockchain (Racib), Alexander Brazhnikov, to the Vedomosti business newspaper:
It is assumed that the token will be stored with gold, it would be a stable coin.
stable coins are cryptocurrencies, the value of which is usually linked to state-spined Fiat currencies or precious metals. While Russian authorities were postpone the farewell regulations for Bitcoin and the like with the bank of Russia towards your legalization in the country, a Suggestion The use of gold-covered stable coins was brought back to circulation last year.
cryptocurrencies should be regulated first, says a member of the Russian Parliament
The largest digital coin, according to the issuer Pax Gold, which is covered by physical gold, is currently in 74th place with regard to capitalization with a market capitalization of over $ 511,000,000. It is an ERC20 token based on the Ethereum blockchain.
The news of the negotiations was confirmed by Anton Tkachev, member of the Committee on Information Policy, Information Technology and Communication of the State Duma, the Lower House of the Russian Parliament. However, he noted that the matter was only actively discussed at the state level if the cryptocurrencies were completely regulated.
Russia and Iran, both of which are under western economic and financial sanctions, have searched for crypto-assets to avoid restrictions. In August Iran placed its first official import with cryptocurrency, during Russia Cross-border legalization considers crypto payments . The two nations also develop digital central bank currencies ( cbdcs ), the Digital Rubel and the Krypto-Rial .
Do you believe that Iran and Russia will eventually publish a gold -covered stable coin? Share your thoughts on this topic in the comment area below.
Bedy verification : Shutterstock, Pixabay, WikiCommons