Russian and Iranian crypto cooperation talks.

The leaders of crypto and fintech industry groups from Russia and Iran have discussed ways to use tokens to avoid sanctions and facilitate trade between the two nations. The discussions took place during the International Exhibition of Financial Industries summit in Tehran. A panel discussion on crypto adoption was held and featured Iranian government officials, including the head of the Ministry of Information and Communication Technology’s innovation and investment department. Alexander Brazhnikov, the Executive Director of the Russian Association of the Cryptocurrency and Blockchain Industry (RACIB), was also a notable speaker. The RACIB is one of the most prominent Russian crypto industry organizations. The panel discussed the changing regulatory framework for crypto in Russia and Iran, with Brazhnikov suggesting that he expected new legislation to come into force in Russia by September, as lawmakers hope to legalize the use of crypto in international trade.

Will Russia and Iran Swap Fiat for Crypto?

The Russian Central Bank is planning to introduce a “pilot” program in which it can “supervise” trading companies as they conduct crypto transactions. Rosbank, one of the nation’s biggest banks, is also reportedly facilitating trade for Russian businesses via a pilot program. Brazhnikov suggested that companies that want to trade using crypto instead of fiat need not concern themselves with banking sector regulations. The RACIB stated that “certain relationships” had already been formed between Moscow-based crypto exchanges and Iranian companies. While Russian government officials said in February that they would not be rushed into green-lighting crypto trade between Moscow and Tehran, the two nations have previously discussed the possibility of co-launching a gold-pegged stablecoin. Moscow has confirmed that several Russian firms are already doing trade in crypto, which could undermine the reputation of the nation’s banks. Experts have previously claimed that Russia and Iran may have begun crypto-powered trade as early as 2019.

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