Russia and Iran are working on a gold-backed stablecoin

The administration of the two countries is considering the potential possibility of creating a token of the Persian region, which will be used in foreign trade settlements instead of the dollar, ruble and Iranian rial. As Vedomosti reports with reference to Alexander Brazhnikov, Executive Director of the Russian Association of the Cryptoindustry and Blockchain, the stablecoin of the Persian region will be backed by gold and will be used as a means of payment in foreign trade transactions.. The practical application of the stablecoin can be found in the Lotos special economic zone in the Astrakhan region and the Anzali free economic zone in Iran. According to Brazhnikov, the creation of a joint stablecoin with Iran is determined by the fact that it is a progressive country that has its own developed crypto industry. The holding of preliminary bilateral negotiations was confirmed by State Duma deputy, member of the Committee on Information Policy, Information Technologies and Communications Anton Tkachev. However, Tkachev noted that this topic will be discussed at the state level only after cryptocurrencies are fully regulated in Russia.. It is expected that the law on cross-border payments in cryptocurrencies will be adopted in Russia in the second quarter of this year. In February last year, analysts at Kaiko published a report showing that amid high inflation and ongoing geopolitical tensions, the popularity of gold-backed stablecoins is growing.. At that time, PAX Gold (PAXG) and Tether Gold (XAUT) became the largest in terms of trading volume.