Russia and Iran Forge Path for Digital Currency in Trade
Cairo: Hani Kamal El-Din
Russia and Iran are exploring alternative methods for conducting financial transactions. These methods include digital currencies issued by central banks and digital financial assets (DFAs). This was revealed by Rahimi Mohsen, the trade attaché at the Iranian Embassy in Russia, speaking to “Izvestiya”.
Mohsen stated that the use of digital rubles and crypto-rial could streamline trade between the two countries and mitigate the effects of sanctions. However, before implementing new payment methods, it is necessary to establish the infrastructure and appropriate regulatory frameworks. He noted that this would take some time.
Currently, trade settlements between Moscow and Tehran are carried out in national currencies. Due to the discrepancy in exchange rates in Iran, Russian businesses lose approximately 20-25% on conversion with each transaction.