According to reports, the Central Bank of Iran and the Russian government are working together to launch a new cryptocurrency that is gold-backed, as reported by Cointelegraph.
Cointelegraph noted that Russia’s Vedomosti news agency reported on January 15 that Iran is collaborating with Russia to develop a “token of the Persian Gulf region” that would be used as a means of payment in international trade.
According to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain, the token is anticipated to be released in the form of a stablecoin backed by gold (RACIB).
Cointelegraph further noted that instead of using fiat currencies like the US dollar, the Russian ruble, or the Iranian rial, the stablecoin aims to enable cross-border transactions. The report notes that the potential cryptocurrency would function in an Astrakhan special economic zone where Russia began to accept Iranian cargo shipments.
The Committee on Information Policy, Information Technology, and Communications member from Russia Anton Tkachev emphasised that a joint stablecoin project would only be feasible after the Russian digital asset market has been fully regulated. The Russian lower house of parliament once more pledged to begin regulating cryptocurrency transactions in 2023 after numerous delays, Cointelegraph stated.
(With insights from Cointelegraph)