The digital assets industry is growing every day, and these developments invite attention from governments across the globe. Keeping the developments in the industry and the pressure exerted on states, Russia and Iran are now willing to explore the development of a joint stablecoin that would be backed by gold.
As per Russian media reports, Alexander Brazhnikov, executive director of the Russian Association of the crypto industry and blockchain, revealed that the Central Bank of Iran is considering the creation of a stablecoin with the Russian Federation as a means of payment in transactions involving international trade.
Brazhinkov also revealed that the coin’s value would be tied to gold, making it a stablecoin. Currently, Astrakhan is a free-trade zone where Russia has started accepting Iranian merchandise; therefore, the coin would be usable there.
Simultaneously, Anton Tkachev, a member of the Russian parliament and the Committee on Information Policy, Information Technology, and Communications, acknowledged the relevance of ongoing discussion.
Tkachev said that following the implementation of complete regulations and guidelines for cryptocurrencies in Russia which are scheduled for this year, this issue would be considered at the governmental level. Previously, the crypto guidelines were expected to be released by December of last year.
Initially, the Russian Central Bank was strictly against using cryptocurrencies within its borders but had to eventually allow its usage in business dealings, including international trade. However, the invasion of Ukraine by Russia invited heavy sanctions, which include prohibiting European firms from offering any services linked to cryptocurrencies to the residents of Russia.
However, Russia has been highly enthusiastic about cryptocurrencies and digital assets following the sanctions. In November, the Central Bank of Russia (CBR) published a report regarding the future of the digital asset sector in the country.
CBR’s report extensively explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), along with legal terms partially covering cryptocurrencies and tokens. It believes additional regulations are needed to improve the DFA framework and resonate with the regulations governing the traditional financial industry.
Not just that, Todayq News reported that the members of the Russian parliament are working towards framing amendments that would cover the launch of a national crypto exchange.
Reportedly, the lawmakers are developing this initiative in collaboration with the Ministry of Finance and the Central Bank of Russia.
Around the same time, Boris Titov, commissioner for entrepreneurs’ rights under the Russian president, visited the 38th Feria Internacional de la Habana (Havana International Fair) or FIHAV 2022 in Cuba and made statements on the use of crypto.
He said that the governments of both nations are looking forward to using Russian rubles and cryptocurrencies to facilitate cross-border cooperation. In addition, Russia and Cuba are similar regarding the sanctions imposed on them, and Titov highlighted the same in his speech.
Interestingly, in August last year, Iran made the first-ever import of goods worth millions using cryptocurrency and made announcements in favor of using cryptocurrencies. Reza Fatemi-Amin, the minister of Industry, Mines, and Trade, said that the Iranian government has examined all concerns connected to cryptocurrencies and adopted a set of cryptocurrency legislation.
He also briefed that the “comprehensive and detailed” law specifies cryptocurrency restrictions, including fuel and power for crypto mining and the permitted uses of cryptocurrencies. Furthermore, he specified that Bitcoin could be used to pay for imports by a deal his ministry and the Iranian central bank had made.