Russia-based news agency Vedomosti recently reported that Iran and Russia “Persian Gulf Token” a named stablecoin He claimed to be collaborating on his project. According to the report, the two major countries of the Eastern bloc are researching together for the gold-backed stablecoin.
Russia and Iranian It has great problems in international trade as it is jointly subject to sanctions by Western countries and the United States. The two countries may be planning to circumvent the sanctions with the joint stablecoin work.
Will Gold-Backed Stablecoin Save Russia and Iran From Sanctions?
The news published by Veodomosti was confirmed by some sources. Anton Tkachev, a member of the Duma Information Policy Committee, explained that the two countries are conducting a joint stablecoin project.
Tkachev did not give a clear answer to the question of whether the stablecoin is gold-backed. The committee member stated that this issue will be clarified with the completion of crypto regulation in Russia.
As a result of the Russian-Ukrainian war that has been going on since March, the Western bloc imposes sanctions on Russia. The country’s removal from SWIFT, which provides access to the global financial system, negatively affected international trade.
In response, the Russian government had taken it upon itself for the continuation of trade. cryptocurrency overlooked his units. The country is currently talking about the legalization of crypto payments for international trade.
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