According to the Russian news source Vedomosti, the Iranian central bank has apparently collaborated with the Russian government to develop a new cryptocurrency called the Token of the Persian Gulf region.
According to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain (RACIB), the aforementioned token will be released as a stablecoin backed by gold. Furthermore, according to Brazhnikov, the aforementioned currency would be useful in Astrakhan, a free-trade zone where Russia started to accept Iranian goods, and it would help reduce volatility.
Cryptocurrencies backed by gold might pave the path for a new global economic order. If the trend continues, according to experts like Nikhil Kamath, co-founder of Zerodha, it may one day transform the current structure of the world’s economies. Nikhil Kamath is a highly successful businessman and the co-founder of Zerodha, India’s largest stockbroker.
Iran and Russia to issue a new stablecoin backed by Gold.
— Nikhil Kamath (@nikhilkamathcio) January 16, 2023
Damn, if this picks up could be day 1, event 1 of establishing a new economic order everywhere.
No idea why it's getting no oxygen from the global press…
Alexey Moiseyev, Russia’s deputy finance minister, says that they are collaborating with a number of friendly nations to launch a new cryptocurrency backed by gold in an effort to do away with transactions in fiat currencies like the US dollar and euro. “We provide tokenized instruments that are mutually acceptable and that will be used on these platforms, which are basically clearing platforms that we are setting up with these governments,” the executive said.
It’s interesting to know that the Russian Central Bank is opposed to domestic transactions using cryptocurrencies like Bitcoin. Foreign trading is still allowed, though. Nevertheless, it has been actively pursuing the use of cryptocurrencies as a vehicle for international trade. Iran has also made it illegal for its residents to make payments using cryptocurrencies like Bitcoin, Ethereum, and others as well as stablecoins like Tether (USDT).
This move to use cryptocurrencies and their underlying technology is an effort by Iran to bypass sanctions imposed by the United States. This decision shows that cryptocurrencies have a lot of potential, not just as a way to exchange money but also as a way to get around government rules.
