Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil – Finance Bitcoin News

In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted.Iran’s central bank is considering the possibility of creating, with Russia’s participation, a digital token to facilitate trade in the Persian region, according to a report quoting the head of the crypto industry organization in the Russian Federation.

The coin could be accepted as a means of payment in international settlements, the Executive Director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain , Alexander Brazhnikov, told the business daily Vedomosti and detailed:Stablecoins are cryptocurrencies, the value of which is usually pegged to state-issued fiat currencies or precious metals.

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Interesting! Looks like using crypto is becoming increasingly popular in international trade. With DeFi and stablecoins, we're unlocking a new way to conduct transactions - no need for third-party mediators. 🤝 Blockchain

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It's just outrageous that this 'trade' hasn't been stopped yet

Good to see that crypto is used on gov level

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I still maintain the position that stablecoins are as bad as CBDCs . But to be brutally honest, a gold-backed stablecoin (with actual and accurate proof of backing without paper-pushing) is something I can be supportive of.

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Iran and Russia want to issue new stablecoin backed by goldThe Central Bank of Iran is cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold, according to local reports. Smart👍. Once upon a time our currency was also backed by gold…until greed took over. Biggest Ponzi scheme ever 🤬🫣🫣 these countries are like the early days of shitcoin creators, all trying to create their own coins, it may work at first but ultimately without a trusted network they lose steam and fall apart, and now people are moving away from shitcoins and buying bitcoin, they will too First retail gets rugged, then corporates get rugged, then nation states get rugged. Then we begin the bitcoin standard.
Source: Cointelegraph - 🏆 562. / 51 Read more »