Russia and Iran Discussing the Creation of a Unified Digital Currency

02/17/2023 09:22 • Digital Disruptors • 138 views

According to reports, according to the Russian Satellite News Agency on the 17th, Valery Gartuk, chairman of the Russian Duma Competition Protection Commission, said that Russia and Iran were discussing the creation of a unified digital currency for international settlement, which was also raised during the visit of the Russian Duma delegation to Iran.

The delegation of the Russian State Duma discussed the issue of international settlement digital currency during its visit to Iraq

Analysis based on this information:

Reports from the Russian Satellite News Agency suggest that Russia and Iran are in negotiations to create a unified digital currency for international settlement. The announcement was made by Valery Gartuk who is the chairman of the Russian Duma Competition Protection Commission. During a recent visit to Iran by the Russian Duma delegation, the issue was raised and both parties have expressed a willingness to work together to make it a reality.

The move to develop a single digital currency for international settlement between Russia and Iran marks a significant development in the shift away from the traditional fiat currency system. It is part of a growing trend of countries seeking alternatives to the US dollar-dominated financial system, which has been the standard for global trade since the end of World War II. This shift is primarily driven by the desire to reduce their reliance on the US financial system, which has been instrumental in international sanctions towards both Iran and Russia.

The creation of a unified digital currency would also enable Russia and Iran to bypass the SWIFT payment system, which is used for most international money transfers. It is important to note that SWIFT has often been used by the US as a tool of foreign policy in the past. By creating their digital currency, both countries will have more control over their financial transactions while also reducing their dependence on the traditional financial system.

However, the development of a unified digital currency between Russia and Iran will likely face significant challenges, given the current economic and political environments in both countries. In Iran, there is a significant level of economic instability and high inflation rates, which may be exacerbated by the introduction of a new digital currency. Furthermore, the issue of sanctions may hamper the development of a new digital currency, as it may limit the ability of both countries to attract investors or access the global financial system.

In conclusion, the discussions between Russia and Iran to create a unified digital currency for international settlement mark a significant shift away from the traditional financial system. This development highlights the desire for some countries to reduce their reliance on US financial systems while also enabling them to bypass traditional payment systems controlled by global powers. The creation of a unified digital currency for international settlement by Russia and Iran could have significant geopolitical implications, and it would be interesting to see how it unfolds in the coming months.

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