RACIB announced the possible creation of a Russian-Iranian stablecoin

RACIB announced the possible creation of a Russian-Iranian stablecoin

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Author: Robert Strickland
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RACIB announced the possible creation of a Russian-Iranian stablecoin
It is a digital token secured with gold, which will be used as a means of payment in foreign trade settlements

The appearance of the Russian-Iranian stablecoin will become possible this year, in case the necessary legislative acts are adopted. The launch of the project may take from 6 months, said the executive director of the Russian Association of Crypto industry and Blockchain (RAKIB)

We are talking about a cryptocurrency backed by gold. Negotiations on its creation have begun between Russia and Iran. Stablecoin is planned to be used as a means of payment in foreign trade payments.

According to Brazhnikov, a related proposal to amend the CFA law has already been developed. As for the laws on cross-border payments and the experimental economic regime, they have not yet been finalized, but, according to the head of RACIB, these laws will be enough.

It is not yet clear how the technical solution of the new Stablecoin will be implemented. Brazhnikov noted that there are many suitable blockchains, including from the Iranian side. He also pointed out that Iran has a functioning cryptocurrency exchange, exchanges, and even its own mining pools.

At the end of the summer, the Iranian government ratified a law introducing rules for cryptocurrency trading. The authorities allowed businesses to pay for imports with digital assets.

 

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