Iran and Russia have been getting closer in recent months to collaborate on international sanctions weighing on their economies. And it seems that both countries want to use cryptocurrencies.
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Iran and Russia could team up around cryptocurrencies
Representatives of the two countries met at the International Financial Industry Exhibition (Finex) conference in Tehran. Russia and Iran wanted to discuss advantages and disadvantages of blockchain and cryptocurrencies. It is in particular the subject of exchanges between Russian rubles and Iranian rials that was discussed.
As a reminder, the two countries are affected by heavy international sanctions from the United States and the European Union. Russia for having started the war in Ukraine, and Iran in particular because of its nuclear weapons program.
In recent months, the rapprochement between the two countries, which are historically allies, has been palpable. Both Moscow and Tehran are communicating more and more about the progressive “de-dollarization” of the world, and made calls to shed American influence. In this context, the use of blockchain-related technologies, which are generally decentralized, is envisaged.
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A new tool to facilitate interbank payments
Two major banks from Iran and Russia also announced a new protocol which facilitates interbank payments. A “bank guarantee letterwas unveiled, along with a domestic letter of credit. Used together, these tools will allow countries to make payments faster and less complex to set up.
This is also not the first time that the two countries have announced collaborations of this type. Earlier this year, we learned that Russia and Iran were exploring the creation of a common stablecoin backed by gold. In Russia, a bank also tested international cryptocurrency transfers at the beginning of June.
We are therefore witnessing a certain polarization of the world with regard to cryptocurrencies. The United States has decided to firmly detach itself from it, and to make it a campaign issue for the approaching presidential elections. But in other economies, crypto assets are seen as a potential tool of economic sovereignty.
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Source: Mehr News Agency
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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