Russia in Talks With Iran on Gold-pegged Stablecoin: Report Lavrinovich
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Russia is in talks with Iran's central bank about creating a gold-pegged stablecoin as the both countries are seeking a new way to circumvent US sanctions with the help of the crypto market, a Russian newspaper Vedomosti has learned, citing Alexander Brazhnikov, executive director of the Russian Association of Cryptoindustry and Blockchain.

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Although the countries are discussing the potential collaboration on the matter, Russia will take it to the state level after cryptocurrencies are fully regulated in the country, said Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications.

In October 2022, Head of the Finance Ministry's Financial Policy Department Ivan Chebeskov said that Russian companies started carrying out cross-border settlements using cryptocurrencies as US sanctions blocked the country from the traditional monetary system.

Iran Makes First Import Order With Crypto: Report

Chebeskov declined to elaborate on what companies turned to crypto, but noted that the volume had increased after Russia has become the world's most-sanctioned nation.

As iHodl reported earlier, Russia's central bank gave the green light to Russian business to use cryptocurrencies as a means of payment for international trades. Even though the financial watchdog warns that crypto legalization poses greater risks for Russian citizens, citing volatility issues and financial stability for Russia in general, there are no barriers for companies to use crypto for international trades, said a senior bank official.

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