Russia And Iran Partner To Develop a Gold-Pegged Stablecoin
Russia and Iran have reportedly partnered to create a new Gold-pegged Stablecoin that will benefit both countries, according to recent reports.
An Escape From Sanctions
These two power countries have been working together to create a new virtual currency that will have its value pegged to the price of gold.
This stablecoin development comes as an answer to prayers against sanctions imposed on both countries, and a way to facilitate international trade between the two countries.
The stablecoin which will be backed by the blockchain technology will operate on a decentralized digital ledger network.
This technology will be a stable source of backing for the currency, making it secure, transparent and the perfect choice for the currency.
The stablecoin will be pegged to the price of gold, which will give it a stable value.
A Russian news site reported that this stablecoin will be called “the token of the Persian Gulf Region.”
If this currency becomes successful it will replace other fiat currencies that were used as a means of cross border interaction and payment in both countries. In that stead, this token between both countries will be used for that purpose to trade internationally with themselves.
A New Opportunity For Both Countries
This development is a new dawn for both countries to be free from sanctions.
Sanctions have been a major hindrance for both countries, as It limited their ability to trade internationally with other countries.
By creating a digital currency pegged to the price of gold, Russia and Iran will be able to sideline these sanctions and carry on their trading.
The digital currency will be used as a source of payment when purchasing goods and services between both countries, making it easier and faster for businesses in the two countries to conduct trade and make transactions seamlessly.
The development of this new stablecoin is still in its early stages, and it is very uncertain when it will get launched and move into the works.
However, it is clear that this new digital currency has the potential to change the economy and trading activities for Russia and Iran.
Duma Committee member, Anton Tkachev stated that the deployment of this stablecoin is possible if and only if the Russian Government creates a legal framework that will regulate the country’s crypto space.
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