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The Central Bank of Iran has teamed up with the Russian government to launch a new cryptocurrency backed by gold. Dubbed as the “token of the Persian Gulf region,” this cryptocurrency is set to revolutionize the way international trade is conducted. This stablecoin is pegged to the value of gold and is expected to replace fiat currencies like the US dollar, Russian ruble, and Iranian rial for cross-border transactions.

This collaboration between Iran and Russia aims to evade US sanctions that have been in place for some time. Iran has already approved the use of cryptocurrencies for imports, and the country’s first foreign import purchase using $10 million worth of crypto was made in August 2022.

The new cryptocurrency will be used in Russia’s special economic zone in Astrakhan, where it will be used as a means of payment in international trade. According to Zerodha’s Nikhil Kamath, this collaboration could be the start of a “new economic order.”

The Bank of Russia previously resisted the use of cryptocurrencies, but it now allows it for overseas trades to evade sanctions over the Ukraine war. With the launch of this new gold-backed cryptocurrency, Russia and Iran are taking their efforts to evade sanctions to a whole new level.

This new cryptocurrency is set to change the way international trade is conducted, as it provides a secure and reliable means of payment that is not subject to the same volatility and instability as traditional fiat currencies. The use of gold as a backing for the cryptocurrency also provides a level of stability and security that is not present in other cryptocurrencies.

In conclusion, the collaboration between Iran and Russia to launch a gold-backed cryptocurrency is a significant development in the world of international trade. This new cryptocurrency is set to provide a secure and reliable means of payment that is not subject to the same volatility and instability as traditional fiat currencies. It remains to be seen how successful this new cryptocurrency will be, but it is clear that it has the potential to revolutionize the way international trade is conducted.