Developers in Russia and Iran are working to create their own state cryptocurrency to circumvent sanctions

The terrorist country Russia and the state sponsor of terrorism Iran are looking for solutions that will help facilitate trade between the countries, and cryptocurrencies are one of them, according to developers. They are exploring the possibilities of using central bank digital currencies (CBDCs) and other digital financial assets.

According to Rahimi Mohsen, trade attaché at the Iranian Embassy in Russia, new solutions for making payments between countries will help «mitigate the effects of sanctions and facilitate trade between Moscow and Tehran.» This is likely to be achieved through the development of a digital ruble and crypto-real.

Currently, Russia and Iran are under sanctions from the United States and a number of European countries because of their terrorist activities. The states cannot make payments in dollars or euros. Therefore, Moscow and Tehran have switched to using national currencies. According to experts, Russian companies lose about 20−25% with each transfer.

It is reported that the countries have already agreed to connect to each other’s national payment systems. The Russian SPFS and Iranian Shetab are analogs of the international SWIFT.