Russia, Iran mull creating token for mutual trade transactions

Iran's central bank is considering the possibility of creating a Persian token together with Russia, said Alexander Brazhnikov, Executive Director of the Russian Association of the Crypto Industry and Blockworkers (RACIB), Vedomosti reports.

Brazhnikov said there are plans to accept it as a means of payment in foreign trade settlements instead of the US dollar, the ruble, and the Iranian rial.

According to him, the gold-plated potential token is named Stablecoin, a cryptocurrency whose value is tied to "classic" money or precious metals.

The RACIB executive director considers it worthy to create such a token with Iran, as it is a more progressive country in terms of the crypto industry.

Brazhnikov recalled that the special economic zone in Russia’s Astrakhan will start accepting freight traffic from Iran this year with the possible use of Stablecoin.

Anton Tkachev, a member of the Russian parliament’s Committee on Information Policy, Information Technology and Communication, confirmed the talks on the token.

He said the issue is at the stage of initial discussions at the state level once Russia approves the use of cryptocurrency, arguing that the use of digital currency by Moscow and Tehran in trade has an advantage over SWIFT (Society for Worldwide Interbank Financial Telecommunication).