According to a report by Cointelegraph, the government of Russia and the Central Bank of Iran are collaborating to launch a new cryptocurrency that is gold-backed.
Russia’s news agency Vedomosti reported that Iran is working with Russia to develop a “token of the Persian Gulf region” that will be used as a means of payment during international trade.
According to the executive director of Russian Association of Crypto Industry and Blockchain, Alexander Brazhnikov, the token is expected to be released as a stablecoin backed by gold (RACIB).
Cointelegraph further said that instead of using fiat currencies like the Iranian rial, the US dollar, or the Russian ruble, the stablecoin aims to enable cross-border transactions. The report highlights that the potential cryptocurrency would function in an Astrakhan special economic zone where Russia began to accept Iranian cargo shipments.
Anton Tkachev, a member of the Committee for Information Technology, Information Policy, and Communications, Russia, emphasized that a joint stablecoin project would only be feasible after the Russian digital asset market has been fully regulated.
The Russian lower house of parliament once more pledged to begin regulating cryptocurrency transactions in 2023 after numerous delays, Cointelegraph stated.