Iran and Russia May Launch a Gold-Backed Stablecoin, According to Reports. Iran and Russia are investigating the feasibility of a stablecoin backed by gold.
The major use of this stablecoin is to act as a payment method for international commerce, as opposed to relying on fiat currency.
Members of the Duma Committee on Information Policy, including Anton Tkachev, have acknowledged that Iran and Russia are in talks about a token for the Persian Gulf. He stressed further that the state-level debate for the gold-backed stablecoin will commence when Russia controls cryptocurrencies.
Russia’s economy has been hit by a variety of sanctions because of the continuing conflict between Russia and Ukraine. Russia is also denied access to SWIFT (Society for Worldwide Interbank Financial Telecommunication), a service that facilitates financial transactions between banks throughout the globe.
Russia, which earlier advocated for the prohibition of cryptocurrencies, is now considering allowing cross-border crypto payments.
In addition to Iran and Russia, a large number of nations are on the verge of adopting the Central Bank Digital Currency.
“We do not have a central bank in Palau; the national currency is the United States dollar. In establishing our partnership with Ripple, our objective is to create a stablecoin backed by the US dollar, which is a step toward our own Central Bank Digital Currency.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.