{"id":21306,"date":"2023-06-11T21:33:47","date_gmt":"2023-06-12T01:33:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-iranian-crypto-sectors-talk-cooperation\/"},"modified":"2023-06-11T21:33:48","modified_gmt":"2023-06-12T01:33:48","slug":"russian-iranian-crypto-sectors-talk-cooperation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21306","title":{"rendered":"Russian & Iranian Crypto Sectors Talk Cooperation"},"content":{"rendered":"
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Russian and Iranian crypto and fintech industry group leaders have discussed ways the nations could use tokens to evade sanctions and facilitate trade.<\/p>\n

The talks were held at a summit in Tehran named the International Exhibition of Financial Industries.<\/p>\n

A panel discussion on crypto adoption was uploaded to the event\u2019s official channel on the Aparat video sharing platform.<\/p>\n

The panel featured Iranian government officials, such as the head of the Ministry of Information and Communication Technology\u2019s innovation and investment department.<\/p>\n

No Russian government officials were in attendance at the panel session.<\/p>\n

But one notable speaker was Alexander Brazhnikov, the Executive Director of the Russian Association of the Cryptocurrency and Blockchain Industry (RACIB).<\/p>\n

The RACIB is one of the most outspoken and prominent Russian crypto industry organizations.<\/p>\n

Also in attendance was the Secretary of the Iranian Fintech Association Mustafa Amiri.<\/p>\n

Brazhnikov\u2019s counterpart, the CEO of the Iran Blockchain Association Abbas Ashtiani also attended.<\/p>\n

The panel discussed the changing regulatory framework for crypto in Russia and Iran.<\/p>\n

Brazhnikov suggested that he expected to see new legislation come into force in Russia by September.<\/p>\n

Lawmakers are hopeful of legalizing the use of crypto in international trade, with Moscow frozen out of most USD-powered trade.<\/p>\n

Will Russia and Iran Swap Fiat for Crypto?<\/h2>\n

The Russian Central Bank has explained that it wants to introduce a \u201cpilot\u201d where it can \u201csupervise\u201d trading companies as they conduct crypto transactions under its purview.<\/p>\n

Rosbank, one of the nation\u2019s biggest banks, is also reportedly facilitating trade for Russian businesses via a pilot program.<\/p>\n

But Brazhnikov suggested that companies that want to trade using crypto instead of fiat need not concern themselves with banking sector regulations.<\/p>\n

He said:<\/p>\n

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\u201cGenerally speaking, in this sector, banks are not needed. [\u2026] In Russia, as I see it, banks are not needed [to conduct trade deals in crypto]. We have crypto brokerages and crypto exchanges.\u201d<\/p>\n<\/blockquote>\n

And the RACIB stated that \u201ccertain relationships\u201d had already been formed between Moscow-based crypto exchanges and Iranian companies.<\/p>\n

Back in February, Russian government officials said they would not be hurried into green-lighting crypto trade between Moscow and Tehran.<\/p>\n

But the two nations have previously discussed the possibility of co-launching a gold-pegged stablecoin.<\/p>\n

And Moscow has confirmed that several Russian firms are already doing trade in crypto.<\/p>\n

These firms appear to have begun crypto-powered trade without waiting for an official \u201cgreen light.\u201d<\/p>\n

The exhibition describes itself as \u201cthe largest financial event in the Middle East region.\u201d<\/p>\n

And it says that it is \u201cone of the most important gatherings of economic activists in the country.\u201d<\/p>\n

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Experts have previously claimed that Russia and Iran may have begun crypto-powered trade as early as 2019.<\/p>\n

Speaking at a recent Russian financial sector event, an analytics firm claimed that almost $300 million worth of P2P crypto trades is made available on a \u201cdaily\u201d basis.<\/p>\n

This could undermine the reputation of the nation\u2019s banks, the firm said.<\/p>\n

The company claimed that P2P traders and unlicensed crypto exchanges were making use of Russian commercial bank accounts to make crypto sales.<\/p>\n<\/p><\/div>\n