MOSCOW, Jan 16 (PRIME) -- A gold-tied Russian-Iranian stablecoin may help in external settlements amid the sanctions, but Moscow needs a well-elaborated legal base, data center provider BitRiver financial analyst Vladislav Antonov told PRIME on Monday.
“Sanctions can be circumvented with a stablecoin. However, speaking about success of the token creation without hard work on details of the stablecoin use in settlements is impossible,” Antonov said.
“There is already a similar token PAX Gold with capitalization of U.S. $515 million, according to CoinMarketCap. Its tying to gold raises some problems, because gold has to be stored some place. For example, it is unclear which banks will handle the deals, who will exchange the token for fiat money.”
If the experience is a success, it can be expanded to settlements with other countries, he added.
Media reported earlier that the Iranian central bank is considering teaming up with Russia in creation of a token of the Persian region that may act as a means of payment in external settlements instead of the U.S. dollar, the ruble, and the Iranian rial.
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