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In order to facilitate international transactions more effectively, the governments of Russia and Iran would consider working together on a new protocol.
Picture in the spotlight by ifri.org.
According to Alexander Brazhnikov, director of the Russian Association of Crypto Industry and Blockchain, the token would likely be issued as a stablecoin backed by gold.
Stablecoin will be used in an astrakhan free trade zone, where Russia has begun to accept goods from Iran.
According to Alexander Brazhnikov, director of the Russian Cryptographic and Blockchain Association, the token would likely be issued as a gold-backed stablecoin.
The stability will be used in a free trade area in Astrakhan, where Russia has begun to accept products from Iran.
For business and transborder transactions.
On the assumption that it materialises, the planned stability will replace fiduciary currencies such as the US dollar, the euro, the Russian rouble and others in cross-border trade.
Bitcoin (BTC) and Ethereum (ETH) are not acknowledged as legal tender in Russia, and their use as a form of payment is not approved by the central bank of the country.
This also opens the door to the use of cryptos in business transactions, including cross-border exchanges.
A stablecoin is a cryptocurrency whose value is anchored to that of a fiat or commodity money or some other stable asset.
The excessive volatility of bitcoin (btc) and other leading cryptocurrencies has rendered them inappropriate for daily transactions.
Stablesoins attempt to provide a more stable alternative.
Stablesoins attempt to provide a more stable alternative.
Tkachev said:
“I can assure everyone that we will definitely have crypto as a legal product next year, there will definitely be legislation… Related Lectures: What the crypto revolution means for the online gaming industry of the world.
The Russian Lower House of Parliament has repeatedly promised to begin regulating crypto transactions this year.
Has been delayed on several occasions.
Compared to roughly $30 billion at the beginning of 2021, the total value of stablecoins on issue has increased to around $185 billion by April 2022.
Tkachev says, "I can assure everyone that we will certainly have crypto as a legal commodity next year, Surely there will be laws... I can only state unequivocally that they cannot be used in the Russian Federation as a means of payment for internal settlements" in response to the annexation of Crimea by Russia and the invasion of East Ukraine, EU officials have adopted legislation prohibiting EU businesses from providing cryptocurrency-related services to Russian citizens.
The growing stability market from approximately $30 billion at the beginning of 2021, the total value of the stability issued increased to approximately $185 billion in April 2022.
Crypto total market cap at $949 billion on the daily chart | Chart: TradingView.comCrypto Total Market Capitalization at $949 Billion on Daily Chart | Graph: TradingView.com.
Crypto market capitalization total to $949 billion on daily chart | graphic: tradingview.
There has been a lot of growth in the stablecoin market over the past several years, with much of the action centering on a small number of stablecoins pegged to the US dollar.
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