Iran and Russia can create a gold token
The Central Bank of Iran is considering the possibility of creating together with Russia a token of the Persian region, backed by gold, said Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain.
This cryptocurrency, which by its type represents a stablecoin, can be accepted as a means of payment in foreign trade settlements instead of the dollar, ruble and Iranian rial, Vedomosti writes.
Anton Tkachev, a member of the Duma committee on information policy, information Technologies and Communications, confirmed the fact of negotiations, but clarified that this issue will be actively discussed at the state level only after cryptocurrencies are fully regulated in Russia.
Iran also has long-term plans to return to the world standard of gold, so that large miners of precious metals can create liquidity and minimally use fiat in calculations, explains Brazhnikov. The gold standard is a monetary system in which the value of banknotes or, in this case, coins is expressed in a certain guaranteed amount of gold.
The largest "gold" token at the moment, PAX Gold, ranks 73rd by capitalization, 512 million dollars, according to CoinMarketCap. Stablecoins, as a rule, are not used for an investment strategy in order to earn money on the growth of an asset, but for digital calculations, or as a protective asset.
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