The Russian government seems to work with the Iran’s central bank in order to issue, together, a new backed-gold stablecoin, a Persian Gulf region token” that will serve as a method of payments in foreign trades.
The cryptocurrency has the aim to ease cross-border payments in lieu of FIAT like the Russian ruble or such the US dollar. The Russian report said the stablecoin could work in Astrakhan, a Russian special economic zone.
Russian lawmakers said that this kind of new joint stablecoin will be possible if and when the crypto market is fully regulated, regulation that will be released probably during this year.
Currently both Iran and Russia have banned their citizens to used use cryptocurrencies. At the same time, Russia and Iran are working together to adopt the External Trade Instrument that lets the use of crypto for foreign trades and import/export operations.