Iran and Russia want to issue new stablecoin backed by gold

New stablecoin aims to facilitate trade between the two entities without the use of fiat currencies like the U.S. dollar...

The Central Bank of Iran is reported to be cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold. The case is a peculiar one: both Russia and Iran have a demonstrated history of cracking down on cryptocurrencies and have passed laws that ban residents from trading them.  Apparently, the same rules do not apply for the countries' foreign trade policies.  In August 2022, Iran's Industry, Mines and Trade Ministry approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.  Similarly, the Bank of Russia agreed to allow crypto for foreign trade to mitigate the impact of international trade sanctions.  Back in 2022, Iran placed its first international import order using $10 million worth of crypto.  Despite the initial momentum, one major policy change needs to take place before the two Eastern powerhouses can fully utilize the new stablecoin project.  Read the full story here on Cointelegraph to find out what that is. Don't miss a beat in the world of crypto. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro — learn more. Regards, Russell DeCorte Director Markets Pro © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2023 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.