Russia-Iran to Forge Token That Will Depress Dollars

Russia-Iran to Forge Token That Will Depress Dollars

Time Stamp: January 16, 2023 10:36 AM
  1. Iran is collaborating with Russia to produce a token for the Persian Gulf region
  2. The token is anticipated to be launched as a gold-backed stablecoin
  3. The Tokens will serve as a replacement for fiat currencies for international transactions

According to Russian news, Iran is collaborating with Russia to produce a token of the Persian Gulf region that may be used as a mode of payment in international trade.

The token is anticipated to be launched as a gold-backed stablecoin, according to the Russian Association of Crypto Industry and Blockchain executive director Alexander Brazhnikov.

The stablecoin attempts to facilitate international transactions in lieu of fiat currencies such as the U.S. dollar and other currencies. According to the source, the proposed cryptocurrency would function in a special economic zone in Astrakhan, where Russia has begun accepting Iranian cargo shipments.

Anton Tkachev, who serves on the Committee on Information Policy, Information Technology, and Communications, emphasized that a unified stablecoin initiative would not be feasible until the digital asset market in Russia is completely regulated. 

After several delays, the Russian lower house of parliament has once more pledged to begin regulating cryptocurrency transactions in 2023.

In other news, on January 16, Crypto.com stated that it will be partnering with Climeworks, an industry leader in carbon dioxide removal using direct air capture technology.

According to Crypto.com, this partnership with Climeworks is unprecedented in the cryptocurrency industry. Industry experts note that this is due to Crypto.com’s commitment to funding innovative, scalable solutions for reducing carbon emissions.

Crypto.com has been working with a number of carbon removal services, politicians, and its own commercial partners like Shopify to implement its climate commitments since 2021.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

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