Russia May Use Cryptocurrency in Trade With Iran

According to Russian local news agency RIA Novosti, the Russian government said it is investigating the use of cryptocurrencies in trade deals with Iran, but is in no hurry to take action. The report also stated that Russian firms want a clear regulatory framework before allowing business deals with Iran using cryptocurrencies. Speaking on the subject, Russian Ambassador to Tehran Alexei Dedov stated that the negotiations between the authorities in Moscow and Tehran are still at the working stage and said “nothing has been finalized yet”.

“Both Russia and Iran are considering allowing the use of digital currencies and digital financial assets (DFAs) in their settlements for export and import. However, the parties are still in the process of reaching specific agreements on this.”

Dedov added that this issue is not easy and requires careful expert work, including the establishment of the necessary legal framework. DFA is a term used by Russian lawmakers for cryptocurrencies, including BTC. However, Russian lawmakers last month talked about the Russian-Iranian plan to launch a joint stablecoin with the Iranian government for use in international trade.