Due to the war in Ukraine, Western countries are imposing a series of embargoes to stop all trade with russia, and the transfer of funds is becoming a big headache for Russia. To deal with this, the Russian government has already decided to trade with its domestic currencies and is working with the banks of india and china for this. In this situation, russia has decided to create a new financial exchange system combining cryptocurrency and gold to further facilitate trade with Russia. This could become a major headache for Western countries. Since the beginning of the Russia-Ukraine war, all Western countries have been operating with the goal of completely eliminating russia by shutting down the Russian economy, finance, and trade.
Correcting this at every level, russia continues to play an important role in the international market. In the next step, russia is planning to work with its allies to create a platform that will clear cross-border financial settlements through stablecoin. Due to the ban on Western countries, russia cannot trade through international currencies such as the dollar and euro.
Russia is trying to trade with iran and other allies. After this news, Nikhil Kamat, founder of India's largest stock trading service company Zerodha, tweeted that iran and russia will launch a new stablecoin with gold as the base asset. The first day of the economy will be the first event. He posted why this news is not spreading internationally.
Stablecoin unlike other cryptocurrencies is based on an asset. For example, Bitcoin's value rises based on its demand and supply, it has no base price or value. But Stablecoin is a stablecoin with a fixed value based on the value of a commodity or asset and is used to exchange money in the crypto market. USD Tether, USD coin, and stablecoins are currently traded in the market.
In this situation, the international price is standardized around the world, and when all countries have gold reserves, the creation of a gold-based StableCoin will have a great impact and change in cross-border settlement. The clearing platforms for this payment and gold-based Stablecoins will be the first step for russia, iran, and other allies. Russia's Deputy Finance minister Alexey Moiseyev said that the countries are working together.
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