During the International Exhibition of Financial Industries in Tehran, leaders from the Russian and Iranian crypto and fintech industry groups convened for discussions. They explored the potential of utilizing tokens to bypass sanctions and foster trade between the two nations. The summit provided a platform for the talks.

Furthermore, it is worth noting that the panel discussion was shared on the official channel of the event through the Aparat video sharing platform.

Prominent Figures at the Panel Discussion

Although no Russian government officials were present, Alexander Brazhnikov, the Executive Director of the Russian Association of the Cryptocurrency and Blockchain Industry (RACIB), delivered a notable speech. The Russian crypto industry recognizes RACIB as one of the prominent and vocal organizations.

Mustafa Amiri, the Secretary of the Iranian Fintech Association, and Abbas Ashtiani, the CEO of the Iran Blockchain Association, also participated in the panel.

The panel extensively discussed the evolving regulatory landscape for cryptocurrencies in Russia and Iran.

Lawmakers in Russia aim to legalize the use of cryptocurrencies in international trade, as Moscow faces limitations in USD-powered transactions. These discussions open up possibilities for exploring alternatives to traditional fiat currencies.

Exploring Crypto Trade without Banks

The talk between Russian and Iranian Crypto Sectors and exploring crypto trades without banks

The Russian Central Bank is considering implementing a “pilot” program to oversee crypto transactions conducted by trading companies. Rosbank, one of Russia’s major banks, is reportedly facilitating trade for Russian businesses through a pilot initiative.

Moreover, Brazhnikov expressed his expectation that new legislation will be enacted in Russia by September. He stated that crypto brokerages and exchanges suffice for trade deals in Russia. Additionally, the RACIB revealed that Moscow-based crypto exchanges have already established connections with Iranian companies.

Despite initial caution from Russian officials regarding crypto trade with Iran, there have been discussions on co-launching a gold-pegged stablecoin. Furthermore, the confirmed crypto trade activities by Russian firms indicate a growing interest and active involvement in the crypto sector. Some experts even suggest that crypto-powered trade between Russia and Iran may have commenced as early as 2019.

The Significance of the International Exhibition of Financial Industries

The International Exhibition of Financial Industries, touted as the largest financial event in the Middle East region, attracts prominent economic activists. It serves as a platform for fostering collaborations and exploring advancements in the financial sector.

An analytics firm, speaking at a recent Russian financial sector event, expressed concerns over the potential undermining of the reputation of Russian banks.

According to their claims, daily peer-to-peer (P2P) crypto trades worth nearly $300 million are currently taking place. Additionally, unlicensed crypto exchanges carry out these trades and depend on Russian commercial bank accounts for crypto sales.

Read More:

Hong Kong Invites Coinbase and Other Crypto Exchanges Amid SEC Scrutiny

Two men charged in Mt. Gox hack by the US Justice Department