Russia and Iran towards unified digital currency

02/20/2023 07:32 • Crypto & Markets • 78 views

It is reported that, according to the Russian Satellite Network, Leonid Slotsky, Chairman of the International Affairs Committee of the Russian State Duma, said that the unified digital currency with Iran might be implemented before the end of the year, which is a promising direction. Alexei Dedov, the Russian ambassador to Tehran, said earlier in February that Russia and Iran were studying the possibility of using digital currency in import and export business. He pointed out that this process is “at a working stage” and needs careful study by experts, including the establishment of necessary legal and regulatory frameworks.

Russian parliamentarians: The unified digital currency with Iran may be implemented before the end of the year

Interpretation of the news:

The news that Russia and Iran are exploring the possibility of a unified digital currency for import and export business has been a promising direction. Leonid Slotsky, Chairman of the International Affairs Committee of the Russian State Duma, recently stated that the proposal by both countries could indeed be implemented before the year-end. This move could mean a significant shift away from conventional international transactions dominated by the US dollar and Euro, creating a potential economic impact.

This shift could have a substantial impact on the international economic landscape. Sanctions imposed on Iran by the US have limited Iran’s ability to conduct international business transactions. In this context, a unified digital currency with Russia would provide Iran with a means to reduce its reliance on traditional financial institutions and continue with international trade. Simultaneously, Russia could take advantage of this partnership to increase trade relations with Iran and expand its influence across the region.

Although both countries are optimistic about the prospects for a unified digital currency, the process is still at a working stage. Several issues remain to be addressed, such as the legal and regulatory framework necessary for enabling transactions in the new currency. Experts in both countries must work exhaustively to resolve these issues before the initiative can be implemented. However, once these challenges have been resolved, the potential economic benefits for both countries are enormous.

In conclusion, Russia and Iran’s intention to launch a new digital currency is a significant move towards breaking the monopoly of the US dollar and Euro in international trade transactions. It could have far-reaching economic implications for the two countries and the international community. However, the strict regulations and controls that come with such an initiative may prove difficult to implement. The key takeaway is that Iran and Russia are working towards the launch of a unified digital currency before the end of the year, and this represents a positive economic direction.

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Russia and Iran towards unified digital currency

Russian parliamentarians: The unified digital currency with Iran may be implemented before the end of the year

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