- Russia and Iran are both economically sanctioned and looking for ways to circumnavigate them.
- They are joining hands for a gold-backed stablecoin to facilitate international settlement.
- The Russian parliament feels that crypto regulations are a must and should be done before further discussions.
With rising inflation and fluctuating fiat currency prices across the globe, there is a rising concern for an alternative. Theoretically, stablecoins could be the answer. Now, Russia and Iran, both economically sanctioned nations by the west, are joining hands for international settlements to be settled by a possible gold-backed stablecoin. However, authorities feel the dire need for regulations in the គ្រីប market first.
Source: https://www.thecoinrepublic.com/2023/01/27/russia-iran-join-hands-for-gold-backed-stablecoin-facilitation-of-international-settlement-in-purview/