Russia, Iran mull creation of joint stablecoin backed by gold

The Central Bank of Iran is considering the creation of a stablecoin with the Russian Federation as a means of payment in foreign trade transactions, Alexander Brazhnikov, executive director of the Russian Association of Cryptoindustry and Blockchain told Vedomosti, Report informs referring to Meduza.

According to Brazhnikov, the coin would be pegged to gold (i.e. a stable coin).

The potential coin would work in a special economic zone in Astrakhan, where Russia has begun to accept Iranian cargo.

The existence of the negotiations was confirmed by Duma deputy Anton Tkachev, who is a member of the Committee on Information Policy, Information Technology and Communications.

Tkachev noted that the topic would only be discussed at the state level after cryptocurrencies are fully regulated in Russia, which should happen some time in 2023.