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Russia and Iran Consider Unified Digital Currency

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According to reports, according to the Russian Satellite News Agency on the 17th, Valery Gartuk, chairman of the Russian Duma Competition Protection Commission…

Russia and Iran Consider Unified Digital Currency

According to reports, according to the Russian Satellite News Agency on the 17th, Valery Gartuk, chairman of the Russian Duma Competition Protection Commission, said that Russia and Iran were discussing the creation of a unified digital currency for international settlement, which was also raised during the visit of the Russian Duma delegation to Iran.

The delegation of the Russian State Duma discussed the issue of international settlement digital currency during its visit to Iraq

Interpretation of the news:


Russia and Iran are reportedly exploring the possibility of developing a unified digital currency for international trade. Valery Gartuk, the chairman of the Russian Duma Competition Protection Commission, made the announcement on August 17, stating that the issue had been raised during a visit by the Russian Duma delegation to Iran. This move comes as both countries face economic and political pressure from Western sanctions, with Iran in particular experiencing severe trade restrictions.

The idea of a unified digital currency between Russia and Iran is not unprecedented. In 2018, a report by the Russian government advocated for the creation of a joint digital currency between the two countries as a way to circumvent the impact of Western sanctions. The report also suggested that other countries facing similar sanctions, such as Venezuela, should also be included in any future digital currency system.

While the details of the proposed digital currency remain unclear, it is noteworthy that both Russia and Iran have been exploring the use of cryptocurrencies as a way to mitigate the impact of US sanctions. In 2019, the Central Bank of Iran announced plans to launch a state-backed cryptocurrency, and Russia has long been known to be exploring the use of blockchain technology.

The creation of a unified digital currency between Russia and Iran could have significant implications for the global financial system. If successful, it could lead other nations to consider similar initiatives, potentially undermining the dominance of traditional fiat currencies such as the US dollar in international trade. It could also increase the autonomy of sanctioned nations, giving them more leverage in negotiations and potentially providing a way to sidestep US-led economic pressure.

In this context, the proposed digital currency cooperation between Russia and Iran should be seen as a signal of their determination to pursue economic cooperation in the face of sanctions. While the success of such an initiative is far from certain, it serves as an indication of the shifting dynamics that are transforming the global financial landscape.

In conclusion, Russia and Iran considering the creation of a unified digital currency for international settlement is a significant development in the world of finance. It also highlights the importance of digital currencies in responding to economic and political challenges. The initiative could have far-reaching implications for global financial systems, and it will be interesting to see how this proposal unfolds in the coming months and years.

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