The Central Bank of Iran is said to be working with the Russian government to create a new cryptocurrency backed by gold. Iran is collaborating with Russia to develop a token of the Persian Gulf area that will be used as a payment method in international trade.

The token would be released in the form of a stablecoin backed by gold. The stablecoin aspires to replace fiat currencies such as the US dollar, Russian rouble, and Iranian rial in cross-border transactions. The proposed cryptocurrency would function in an Astrakhan special economic zone, where Russia has begun to permit Iranian cargo exports.

Iran's Industry, Mines, and Trade Ministry legalized the usage of cryptocurrency for imports into the country in August 2022, despite current international trade restrictions. The new measures will assist Iran in mitigating global trade restrictions. Following that, Iran placed its first foreign import order worth 10 million USD in cryptocurrency.

The Bank of Russia, which had previously resisted the use of cryptocurrency as a payment mechanism, decided to allow cryptocurrency in overseas commerce to minimize the impact of international sanctions. The regulator has never defined which cryptocurrency will be utilized for such transactions, nevertheless.

Sources:

https://cryptopotato.com/russia-partners-with-iran-to-release-a-stablecoin-backed-by-gold-report/

https://www.centralbanking.com/fintech/crypto-assets/7954223/russia-and-iran-discuss-joint-gold-backed-stablecoin#:~:text=The%20Central%20Bank%20of%20Iran,begun%20to%20accept%20Iranian%20cargo

https://cointelegraph.com/news/iran-and-russia-want-to-issue-new-stablecoin-backed-by-gold

https://www.investing.com/news/cryptocurrency-news/iran-and-russia-want-to-issue-new-stablecoin-backed-by-gold-2981754