January 28, 2023

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‘Persian Gulf Token’: Iran, Russia Reportedly Mull Creating Common Digital Currency

Moscow and Tehran are discussing the creation of a Persian Gulf token that could replace the dollar, the ruble and the rial in foreign trade transactions, a Russian media outlet has reported.He added that a special economic zone in the southern Russian city of Astrakhan would begin to receive cargo from Iran later this year, something that is expected to kick off the use of the Gulf token.According to him, the rapprochement between the two makes it possible to establish almost any system of payments between them. Sputnik has reached out to the Central Banks of Russia and Iran for comments on the matter.In July 2022, Iranian Economic Minister Ehsan Khandouzi announced that the Islamic Republic officially ditched the US dollar for trade with Russia. The same month, the Tehran Stock Exchange launched rial-ruble trading.This came after an array of major Russian banks were disconnected from the SWIFT international payment system as part of the Western sanctions against Russia, which were imposed shortly after Moscow launched its special military operation in Ukraine on February 24, 2022.In 2019, SWIFT cut access for most Iranian banks under pressure from Washington, which earlier reinstated harsh economic sanctions against the Islamic Republic following then-US President Donald Trump’s announcement to unilaterally withdraw from the 2015 Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA).Original News : https://sputniknews.com/20230116/persian-gulf-token-iran-russia-reportedly-mull-creating-common-digital-currency-1106393781.html

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