Russia is considering gold-covered stablecoin, the legislator confirms after I was visiting Iran-Finance
Russia is considering gold-covered stablecoin, the legislator confirms after I was visiting Iran-Finance
Russia could spend a stable coin covered with gold for use in international settlements, has admitted a high -ranking member of the Russian Parliament. The matter was discussed during a recent visit to Iran, where civil servants also expressed interest in such an initiative.
Iran and Russia talk about stablecoin payments for bilateral trade handling
The Russian Federation is considering the creation of a target = "_ blank" href = "https://www.investopedia.com/terms/s/stablecoin.asp" Rel = "noopener"> stable coin which can be used for cross -border settlements, also with the Iran Financial market committee in the lower house of the Russian Parliament, Anatoly Aksakov, opposite the newspaper ParlamentSkaya gazeta.
"We have discussed the issue of stablecoins, digital financial assets (DFAS), which are covered by certain valuables. For example, I have spoken about gold, gold bars, refineries can be delivered, or centers in which gold is stored, and DFAs are exhibited against these reserves," said the legislator after visiting a Russian delegation in the Islamic Republic.
Such a stable coin could then be used as a means of payment, for example if the same comparisons between Russia and Iran, Aksakov, which is also cited by the Interfax news agency. He added that the proposal from the Iranian side had been received with interest.
The high -ranking member of the State Duma also pointed out that Iran had high debts for goods delivered by Russia. At the same time, the Iranian currency, the Rial, fluctuates considerably and has two exchange rates to the US dollar-the official, approved by the Iranian Central Bank and the market course-which is impractical in terms of the calculations for Russian exports.
The news that Tehran and Moscow discuss the possible introduction of a digital currency covered by gold, came out at the beginning of January when the head of the Russian association of the crypto industry told the Wedomosti business newspaper that the Iranian central bank was developing it with Russian participation. The token would be used to facilitate the trade in the Persian region, the executive.
revealedgold -covered Russian digital currency for the first time in 2019
The idea of publishing a Russian gold -covered stablecoin was originally spread in May 2019 during a meeting in the state duma, in which the governor of the bank of Russia, Elvira Nabiullina, took part. At that time, the member of the House of Vladimir Gutenev proposed that the central bank should take up discussions about the matter with the other Brics countries and insisted on it:
gold is the least susceptible asset. We could probably find understanding in China, India and Brazil.
"But these are rather not cryptocurrencies, perhaps so -called stablecoins," noted Anatoly Aksakov, while Nabiullina pointed out that the currency authority is open to a stablecoin that is deposited with a real asset. A proposal for a ' Goldener Rubel stablecoin also in a report of the VEB.RF Institute for Research and Expertise, which was published in the summer of 2022.
Under the pressure of Western sanctions, Russia and Iran have also examined opportunities to use decentralized cryptocurrencies in order to avoid restrictions in foreign trade. In August last year, Iran placed its first official import steps to legalization cross-border crypto payments. A Digital Rubel and a Krypto-Rial that are not covered by gold are also in development.Do you believe that Russia will publish a stable coin covered with gold in the near future? Share your expectations in the comment area below.
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