On Monday, Russian news outlet Vedomosti reported that the Central Bank of Iran might collaborate with Russia on the creation of a Persian token backed by gold to use the digital currency for foreign payments and sidestep sanctions.
The news report acknowledged that the stablecoin initiative is driven by Iran and would have to wait for Russian cryptocurrency regulation. In fact, Russia already has legislation covering tokenized real world assets, Digital Financial Assets. However, they are usually based on private blockchains and not intended to be used as a payment surrogate. Precious metals, including gold, have already been tokenized using these laws, such as by Sberbank and Norlisk’s Atomyze.
Astrakhan is a special economic zone in Russia that plans to start receiving cargo from Iran, and this is where the gold token’s use might be targeted.
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