Russia & Iran Turn to Digital Currencies to Circumvent Sanctions
Despite efforts to reduce the dollar's dominance, financial sanctions against Russia and Iran continue to bite. To ease the impact, both countries are exploring digital currencies and digital financial assets (DFAs). Iran, with its official, NIMA, and free market exchange rates, faces challenges balancing imports and exports. Russia and Iran are collaborating on a dollar tree digital currency platform, aiming to simplify trade and mitigate sanction effects. Russia's Rosatom has already issued a yuan-denominated digital financial certificate, with more such developments in the pipeline. Currently, bilateral trade between the two countries is settled in national currencies due to sanctions. Both nations are shifting trade away from the dollar, with Russia considering a digital general for cross-border payments. Iran, facing dollar scarcity and exchange rate issues, is working with Russia on new calculation methods, including digital central bank currencies (CBDC) and DFAs. Russia and Iran, under financial sanctions, are innovating with digital currencies and DFAs to ease trade restrictions and reduce reliance on the dollar. While specific plans for a digital ruble bond remain unclear, both countries are actively exploring these digital financial solutions.
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