Russia and Iran may create a token

There are no technological difficulties in creating a common stablecoin on gold by Russia and Iran, among the main problems, including regulation, political agreements, Viktor Dostov, chairman of the board of the Association of Electronic Money and Money Transfer Market Participants (AED), told cryptonewsherald on January 16.

“A stablecoin for gold is understood as a digital obligation for 1 g of gold, which can be transferred from owner to owner. It’s usually on the blockchain, but it doesn’t have to be,” he explained.

According to him, the gold itself is physically located in the vault, the owner of the gold has an obligation for all stablecoins to turn them into physical gold on demand.

“It’s somewhat like metal bills. In principle, they can be used as a convenient means of payment,” Dostov said.

As the expert clarified, the disadvantages include the floating price of gold, dependence on the integrity of the vault, and similar factors.

“There are no technological difficulties here, similar projects, such as eGold, were quite successful before, the main problem is regulation, political agreements and guarantees,” he concluded.

Earlier January 16 edition Vedomosti wrote that the executive director of the Russian Association of the Cryptoindustry and Blockchain, Alexander Brazhnikov, announced that the Central Bank of Iran is considering the creation of a token of the Persian region together with the Russian Federation. It can be accepted as a means of payment in foreign trade settlements instead of the dollar, ruble, Iranian rial. It is assumed that the token will be backed by gold, that is, it will be a stablecoin. At the same time, Anton Tkachev, a member of the Duma Committee on Information Policy, Information Technology and Communications, said that this issue would be actively discussed at the state level after the regulation of cryptocurrency in Russia.

At the end of December, Anatoly Aksakov, chairman of the State Duma committee on the financial market, said in an interview with cryptonewsherald that he expects the adoption of a bill on cross-border payments in cryptocurrencies in January-February. In this case, it will start working from the second quarter of 2023, the deputy added.

He also expressed the opinion that it is through the Russian infrastructure that the circulation of cryptocurrencies should pass. Moreover, large companies will most likely use stablecoins for payments, Aksakov believes.

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