Russian Federation allows the possibility of the creation of stablecoin for international settlements

According to deputy Anatoly Aksakov, this will simplify Russian exports to Iran, now the strong volatility of the rial creates difficulties in payments

25.01.2023 - 15:10

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What’s new? Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that Russia may issue a stablecoin for international settlements. In this, the asset will be backed by gold from refineries, Interfax news agency reports. The proposal was made at a meeting with the Iranian authorities, and, as the deputy noted, “was received with interest.” According to Aksakov, it shows that the countries are moving “in the right direction.”

Interfax’s material

What else did Aksakov say? The deputy noted that Iran has a large debt for the supply of goods from Russia, and the fluctuations of the Iranian currency are quite large. At the same time, the country has two exchange rates of the rial to the dollar: the one approved by the Central Bank and the market one, which creates inconveniences for Russian exports.

Alexander Brazhnikov, executive director of the Russian Association of Cryptoindustry and Blockchain, reported earlier that Russia and Iran discuss the creation of a common stablecoin with a peg to gold. The initiative suggests that the asset will be used in foreign trade payments instead of the dollar, ruble, and rial.

In addition, Russia offered Cuba to create a settlement center based on the digital peso. With its help, it is possible to protect the financial system of the republic from sanctions.

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