{"id":79454,"date":"2023-01-18T15:00:46","date_gmt":"2023-01-18T23:00:46","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=79454"},"modified":"2023-01-18T12:30:09","modified_gmt":"2023-01-18T20:30:09","slug":"iran-and-russia-looking-to-bypass-the-petrodollar-with-gold-backed-crypto-currency-china-saudi-arabia-and-the-petroyuan","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/iran-and-russia-looking-to-bypass-the-petrodollar-with-gold-backed-crypto-currency-china-saudi-arabia-and-the-petroyuan\/","title":{"rendered":"Iran and Russia looking to bypass the ‘petrodollar’ with gold-backed crypto-currency; China, Saudi Arabia and the ‘petroyuan’"},"content":{"rendered":"

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COGwriter<\/a><\/p>\n

Russia and Iran are looking to bypass the USA dollar with a type of gold-backed currency;<\/p>\n

January 18, 2023<\/p>\n

The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold.<\/p>\n

According<\/a>\u00a0to the Russian news agency Vedomosti, Iran is working with Russia to create a \u201ctoken of the Persian Gulf region\u201d that would serve as a payment method in foreign trade.<\/strong><\/p>\n

The token is projected to be issued in the form of a stablecoin backed by gold, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain.<\/p>\n

The stablecoin aims to enable cross-border transactions instead of fiat currencies like the United States dollar, the Russian ruble or the Iranian rial. <\/strong>The report notes that the potential cryptocurrency would operate in a special economic zone in Astrakhan, where Russia started to accept Iranian cargo shipments.<\/p>\n

Russian lawmaker Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications, stressed that a joint stablecoin project would only be possible once the digital asset market is fully regulated in Russia. After multiple delays, the Russian lower house of parliament once again\u00a0promised<\/a> to start regulating crypto transactions in 2023. https:\/\/www.zerohedge.com\/crypto\/iran-and-russia-want-issue-stablecoin-backed-gold-report<\/a><\/p><\/blockquote>\n

US trade and other policies have increased the desire of certain nations to topple the US dollar’s position as the world’s primary reserve currency.<\/p>\n

Sir Isaac Newton\u2019s third law of physics was, \u201cFor every action, there is an equal and opposite reaction.\u201d While that is not completely applicable in international politics, the reality is that there are \u2018unintended consequences\u2019 with USA sanctions, threats, tariffs, military interventions, etc.<\/span><\/p>\n

Russia, its Eurasian Economic Union and the BRICS nations are working towards pushing aside the USA dollar (see Eurasian Economic Union working with BRICS to bypass USA dollar<\/a>).<\/p>\n

As far as gold goes, it is prophesied to have value after the USA dollar is worthless (see The Plain Truth About Gold in Prophecy. How Should a Christian View Gold?<\/a>).<\/p>\n

For the ‘petrodollar’ to work, large oil producers need to take it above other currencies. China, a big buyer, and Saudi Arabia a major producer are taking serious steps that way:<\/p>\n

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Saudi Arabia is open to discussions about trade in currencies other than the US dollar, the kingdom’s Finance Minister Mohammed Al-Jadaan tells @ManusCranny<\/a> https:\/\/t.co\/YheZ4AGMia<\/a> pic.twitter.com\/pqXWJc6ylA<\/a><\/p>\n

\u2014 Bloomberg Middle East (@middleeast) January 18, 2023<\/a><\/p><\/blockquote>\n