Putin's Government To Launch Gold-Backed Stablecoin With Iran: Report

The Central Bank of Iran is reportedly collaborating with the Russian administration to jointly launch a new stablecoin that is backed by gold.

What Happened: As reported by the Russian news outlet Vedomosti, Iran is collaborating with Russia to produce a "token of the Persian Gulf region" that would be used as a payment system in international commerce.

The report points out that the stablecoin would be utilized in a special economic area in Astrakhan, where Russia has recently started to accept shipments from Iran.

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Anton Tkachev, a Russian legislator and member of the Committee on Information Policy, Information Technology and Communications, said a collective stablecoin endeavor could only be realized when the digital asset market is entirely regulated in Russia. 

Following several postponements, the Russian lower chamber of parliament once again vowed to initiate regulating crypto operations in the year 2023.

Iran and Russia have banned their citizens from making payments with cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD Tether USDT/USD, and so on.

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Price Action: BTC was trading at $21,033, down 0.63% in the last 24 hours, according to Benzinga Pro.

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Photo by WEF on Flickr