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Iran And Russia Are Working On Gold-Backed Stablecoin

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Iran, along with Russia, is planning to launch an entirely new stablecoin market.

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There's a collaboration with both the Central Bank of Iran and its Russian counterpart over a project which will see both nations issue a gold-backed cryptocurrency.

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The stablecoin can be utilized for transactions across borders as an alternative to the US dollar as well as the Iranian rial and the Russian ruble.

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Digital assets are specifically designed to be a payment option in the Astrakhan region.

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A zone of economics whose layout created a way for Russia to begin receiving cargo shipments from Iran.

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The executive director of the Russian Association of Crypto Industry and Blockchain has stated it is underway.

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Both Iran as well as Russia have allowed the use of crypto for international trade.

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The Iranian government allowed it in August of last year.

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Russia also viewed cryptocurrency as a "safe alternative" to pay for cross-border transactions in August.

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