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Iran and Russia are to collaborate to create a gold-backed stablecoin

Iran and Russia have been struggling economically from financial and trade sanctions imposed by the European Union and the United States government. However, they have long been business partners. Even though they have for a while banned the use of cryptocurrencies for payments by their residents, they have been exploring ways of using the digital assets for foreign trade in an effort to circumvent the sanctions.

Reportedly, they are now working on issuing a stablecoin that would be backed by gold. But it will be implemented only once cryptocurrencies are fully regulated in Russia. The Russian government has delayed its digital assets regulations a few times already.

Sber, the largest Russian bank, had announced that its proprietary blockchain would be made compatible with the Ethereum blockchain.

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