Iran and Russia talk about crypto cooperation and present a tool that simplifies the trade of national currency

Experts and business representatives from Iran and Russia discussed the potential uses of cryptocurrencies and blockchain. The two countries are also collaborating in the implementation of new financial instruments that facilitate bilateral trade in their national fiduciaries.

Financial Expo brings together crypto experts from Russia and Iran

Business leaders and industry professionals from Iran and Russia discussed the potential applications as well as the dangers of employing cryptocurrency and blockchain technologies. They met during the 15th International Financial Industry Exhibition (Finex) in Tehran, local media reported.

The discussion brought together speakers from the crypto and fintech sectors of both countries and government officials, including Mustafa Amiri, Secretary of the Iran Fintech Association and CEO of the Iran Blockchain Association, Abbas Ashtiani, according to Iranian news portal Way2pay.

Alexander Brazhnikov, Executive Director of the Russian Association for Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), and Hossein Khosropour, Head of Innovation and Investment Support at Iran’s Ministry of Information and Communication Technologies, also attended the meeting. .

The financial forum, which kicked off on Tuesday at Tehran’s permanent international fairgrounds, also became the platform for a major announcement on trade between the two countries and the management of currency transactions between economic players.

New financial tool to facilitate payments in national currencies

At an event organized by Iran’s Bank Pasargad and Russia’s largest bank, Sberbank, a new financial tool was unveiled: a bank guarantee letter. Used in conjunction with another tool, the national letter of credit, this instrument can help expedite trade in the two nations’ currencies, the ruble and the rial.

“These tools have the potential to redefine bilateral trade using national currencies. It is an important step forward in Iran-Russia cooperation,” said Seyed Ahmad Reza Alaei, CEO of Iran International Exhibitions Company.

The Islamic Republic of Iran and the Russian Federation, which are facing international sanctions, have been exploring ways around financial restrictions. Payments in national currency between them already exceed 60% of commercial transactions.