Iran & Russia Planning To Jointly Issue A New Gold Backed Cryptocurrency 

Iran & Russia Planning To Jointly Issue A New Gold Backed Cryptocurrency - Check out the story here

The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold.

[{"selector":"#anim-bd16501e-a655-49ff-8104-c4640796d776 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-57.25049662445155%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade.

[{"selector":"#anim-8544eea6-bba2-4541-a41d-0f9ad7721386 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

In August 2022, Iran placed its first-ever official import order using cryptocurrency.

[{"selector":"#anim-d6a44852-e791-4d1a-9fea-de2fa9ebe64e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

The order, worth a massive $10 million, was the first step towards allowing the country to trade through digital assets

[{"selector":"#anim-a058eddb-98be-4c0e-bab9-15d0524807c5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

The token is projected to be issued in the form of a stablecoin backed by gold, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain.

[{"selector":"#anim-681f826a-d85c-4ea0-bb4d-adb5a296a224 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

The stablecoin aims to enable cross-border transactions instead of fiat currencies like the United States dollar, the Russian ruble or the Iranian rial.

[{"selector":"#anim-bb48754b-80f8-4649-9d48-275a5389aaf9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

The report notes that the potential cryptocurrency would operate in a special economic zone in Astrakhan, where Russia started to accept Iranian cargo shipments.

[{"selector":"#anim-b9db1ff4-3075-458a-9776-2b696f3cb4dd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Arrow

Hope you people found the story informative.for more such interesting stuff, click on the link given below

[{"selector":"#anim-1c7ffcb9-8830-44eb-b0d5-0a63cf0e459d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow swipe up