Javier Hernandez Professionals and business delegates from Iran and Russia have deliberated on the potential applications of blockchain and cryptocurrencies. Additionally, they are working together to develop novel financial instruments that would ease bilateral trade in their national currencies.
Russia and Iran Unite Financial Tech Leaders at Expo
Key business figures and industry experts from Iran and Russia explored the prospective advantages and challenges of utilizing blockchain technologies and cryptocurrency assets. Their discussions took place at the 15th International Financial Industry Exhibition (Finex) in Tehran, as reported by local media.
Speakers from the crypto, fintech sectors, and government officials of both nations attended the dialogue. These included Mustafa Amiri, secretary of the Iran Fintech Association and Abbas Ashtiani, CEO of the Iran Blockchain Association, as mentioned by the Iranian news outlet Way2pay.
Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), and Hossein Khosropour, who oversees Innovation and Investment Support at the Iranian Ministry of Information and Communications Technology, also participated in the meeting.
The financial forum, inaugurated on Tuesday at the Tehran Permanent International Fairgrounds, also served as a platform for a significant announcement related to trade between the two countries and the administration of monetary transactions among economic players.
Unveiling of New Financial Instrument to Simplify Transactions in Domestic Currencies
During an event conducted by Iran’s Bank Pasargad and Russia’s biggest bank, Sberbank, a new financial instrument, a banking guarantee letter, was introduced. This tool, along with another one, the domestic letter of credit, could make trade in the two nations’ currencies, the ruble and the rial, more efficient.
“These instruments can potentially revolutionize bilateral trade conducted in national currencies. This is a substantial leap in the collaboration between Iran and Russia,” stated Seyed Ahmad Reza Alaei, CEO of the Iran International Exhibitions Company.
The Islamic Republic of Iran and the Russian Federation, both subjected to international sanctions, are looking for avenues to bypass financial limitations. Trade transactions conducted in national currencies between these countries already comprise more than 60% of the total transactions.
Despite the ongoing deliberation by Russian authorities about the legalization of crypto payments for cross-border transactions, Iran had already made its first official import order using cryptocurrency in August of the previous year. Furthermore, in May this year, the Trade Promotion Organization of Iran announced the launch of a platform enabling businesses to make foreign payments using crypto.
Do you believe that Iran and Russia will incorporate cryptocurrencies into their bilateral trade? We would love to hear your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Crypto Cooperation Iran Russia
What was the primary focus of discussions between experts from Iran and Russia?
The primary focus of the discussions was the potential uses of cryptocurrencies and blockchain technology, and the collaboration on implementing new financial instruments to facilitate bilateral trade in their national currencies.
Where and when did the representatives from Iran and Russia meet for their discussions?
The representatives met during the 15th International Financial Industry Exhibition (Finex) in Tehran. This event started on Tuesday, but the exact date hasn’t been specified in the text.
Who were some of the notable participants in the discussions?
The discussions brought together industry professionals and government officials, including Mustafa Amiri, secretary of the Iran Fintech Association, Abbas Ashtiani, CEO of the Iran Blockchain Association, Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), and Hossein Khosropour from the Iranian Ministry of Information and Communications Technology.
What new financial tool was unveiled by Iran’s Bank Pasargad and Russia’s Sberbank?
The two banks unveiled a new financial tool called a banking guarantee letter. This tool, used in conjunction with a domestic letter of credit, is aimed at streamlining trade in the national currencies of the two nations, the ruble and the rial.
Are Iran and Russia currently facing any financial restrictions?
Yes, both Iran and the Russian Federation are currently facing international sanctions and are exploring ways to circumvent these financial restrictions.
How are Iran and Russia approaching the use of cryptocurrencies in trade?
While Russian authorities are considering whether to legalize crypto payments in cross-border settlements, Iran has already placed its first official import order with cryptocurrency. Iran’s Trade Promotion Organization also announced the establishment of a platform allowing businesses to pay with crypto abroad.
More about Crypto Cooperation Iran Russia
- International Financial Industry Exhibition (Finex)
- Iran Fintech Association
- Iran Blockchain Association
- Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib)
- Bank Pasargad
- Sberbank
- Iran Trade Promotion Organization
5 comments
im just wondering if this kind of thing can really bypass financial restrictions… would be a game changer for sure!
Wow, crypto is really making waves everywhere, isn’t it? Who woulda thought even countries facing sanctions would turn to it.
Glad to see that countries are seeing the potential of blockchain. not only crypto, but the tech behind it is important too.
iran and russia are taking significant steps! other countries better take notice and get on board. crypto is not a trend, it’s here to stay.
It’s interesting that Russia and Iran are finding new ways to work around the sanctions. blockchain and crypto could be the future of trade, who knows…