Home | Crypto News | Iran-Russia Talk Crypto Cooperation, Unveil Tool Streamlining National Currency Trade

Iran-Russia Talk Crypto Cooperation, Unveil Tool Streamlining National Currency Trade

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Cryptocurrencies and blockchain have been considered by Iranian and Russian businesspeople. New financial instruments for bilateral trade in national fiats are being developed by the two countries.

Russia and Iran Crypto Experts Attend Financial Exp

Iranian and Russian business leaders have debated the pros and cons of using crypto assets and blockchain technologies. Local media said that they met at Finex 15.

Crypto and fintech experts from both countries, as well as government officials, spoke at the meeting. These included Mustafa Amiri, secretary of the Iran Fintech Association, and Abbas Ashtiani, CEO of the Iran Blockchain Association, according to the Iranian news site Way2pay.

The meeting included Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib), and Hossein Khosropour, head of Innovation and Investment Support at the Iranian Ministry of Information and Communications Technology.

The financial conference, which started on Tuesday at the Tehran Permanent International Fairgrounds, was also the place where an important statement was made about trade between the two countries and the management of monetary transactions between economic stakeholders.

New Financial Tool for National Currency Payments

A banking guarantee letter was introduced at an event hosted by Iran’s Bank Pasargad and Russia’s biggest bank, Sberbank. When used with another tool, the domestic letter of credit, this one can help make it easier to trade in the ruble and the rial, the currencies of the two countries.

“These tools could change the way two countries deal with each other when they use their own currencies. Seyed Ahmad Reza Alaei, the head of the Iran International Exhibitions Company, was reported as saying, “It’s a big step forward in how Iran and Russia work together.”

Both the Islamic Republic of Iran and the Russian Federation are trying to find ways around international financial limits because they are subject to sanctions. Already, more than 60% of their trade deals are paid for in their own currencies.

While Russian officials are still thinking about whether or not to make crypto payments legal for cross-border transactions, Iran made its first official import order with cryptocurrency in August of last year. And in May of this year, Iran’s Trade Promotion Organization announced that a website would be set up to let businesses pay with cryptocurrency overseas.

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