Russia and Iran are postponing the launch of cross-border payments in digital assets – Bits Media

The governments of the two countries announced, that they are exploring the possibility of using crypto assets in cross-border transactions, but will not rush to take active steps until the preparation of the legal framework.

Russia and Iran seek to de-dollarize their trade transactions and thus get out of international sanctions, preventing national companies with international partners.. However, the prospect of using cryptocurrencies as a payment tool when making cross -border payments causes concern for regulators, Like in Russia, so in Iran.

Last year, the Deputy Minister of Communications Reza Bageri Asl (Reza Bagheri Asl) stated, that the Government of the Islamic Republic of Iran never recognizes any private digital currencies as a payment fund. The official believes, that the use of any currency besides the national goes beyond the scope of sovereignty, contradicts currency law and legislation on banking activities.

For its part, the Bank of Russia represented by the deputy chairman of Olga Skorobogatova said, that the agency cannot approve the use of digital assets for international calculations without testing in a “safe sandbox”.

At the beginning of the year, officials of the two countries said, that they consider the potential for the creation of a stablecoin of the Persian region, which will be used in foreign trade calculations instead of the dollar, ruble and Iranian Rial. Stablecoin of the Persian region was supposed to be provided with gold and used as a payment fund in foreign trade operations. The practical use of stablecoin is planned on the territory of the Special Economic Zone "Lotus" in the Astrakhan region and the free economic zone "Enzeli" Iran.