As reported by the local Russian news outlet Vedomosti, Russia and Iran are considering developing a joint stablecoin backed by gold.
Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain said the Central Bank of Iran is working with the Russian government to issue a gold-backed stablecoin.
This is to create a token of the Persian region which can be used as a means of payment for foreign trade.
Brazhnikov added, it is assumed that the token will be backed by gold and it will be a stablecoin in its type.
However, Anton Tkachev, a member of the Duma Committee said this issue would be actively discussed at the state level only after cryptocurrencies were fully regulated in Russia.
Astrakhan is a free trade zone where Russia has started accepting Iranian goods. So the coins can be used there.
It is to be noted that the Russian Central Bank does not support the use of cryptocurrencies as a means of payment in the country.