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Russia and Iran’s Plans of Implementing Unified Digital Currency before Year-end

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It is reported that, according to the Russian Satellite Network, Leonid Slotsky, Chairman of the International Affairs Committee of the Russian State Duma, sai…

Russia and Irans Plans of Implementing Unified Digital Currency before Year-end

It is reported that, according to the Russian Satellite Network, Leonid Slotsky, Chairman of the International Affairs Committee of the Russian State Duma, said that the unified digital currency with Iran might be implemented before the end of the year, which is a promising direction. Alexei Dedov, the Russian ambassador to Tehran, said earlier in February that Russia and Iran were studying the possibility of using digital currency in import and export business. He pointed out that this process is “at a working stage” and needs careful study by experts, including the establishment of necessary legal and regulatory frameworks.

Russian parliamentarians: The unified digital currency with Iran may be implemented before the end of the year

Interpretation of the news:


Russia and Iran are believed to be working closely towards implementing a unified digital currency that would promote trade between the two countries. According to reports from the Russian Satellite Network, Leonid Slotsky, the Chairman of the International Affairs Committee of the Russian State Duma, revealed that the digital currency might be in place before the end of the year. This announcement was made after Alexei Dedov, the Russian ambassador to Tehran, confirmed in February that the two countries were exploring the possibility of using digital currency in their import and export businesses.

The move towards a unified digital currency is a promising direction for both countries, as it has the potential of promoting their trade and strengthening their economic ties. One of the benefits of digital currencies is their ability to eliminate the need for intermediary financial institutions, which can expedite transactions and lower the transactional costs. This move also aligns with Russia’s and Iran’s drive towards reducing their exposures to Western financial markets, which have been affected by sanctions to target their industries.

However, the implementation of this digital currency would require careful study and the establishment of necessary legal and regulatory frameworks. Alexei Dedov noted that the process was still at a working stage and would require the input of experts to ensure proper legal and regulatory frameworks are in place.

While these plans present economic opportunities for both countries, there are potential downsides as well. The use of digital currencies can be risky and presents an environment for money laundering and terrorist financing. Therefore, Russia and Iran would need to develop proper regulatory structures to manage these risks.

In conclusion, Russia and Iran’s plans to introduce a digital currency are a promising development that can significantly improve their economic ties. However, the two countries must exercise caution, and careful planning and consideration of relevant factors are required to ensure the successful implementation of such a currency.

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