Russia and Iran discussing creation of joint stablecoin backed by gold

Alexander Brazhnikov, executive director of the Russian Association of Cryptoindustry and Blockchain told Vedomosti that 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.

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.

The Central Bank of Russia is against the use of cryptocurrencies as a means of payment within the country. However, it supports the use of cryptocurrency in import and export transactions.

After Russia's full-scale invasion of Ukraine, European Union authorities banned European companies from providing any services related to cryptocurrency to Russian residents.