Russia’s State Duma supports building ties with Iran and the Central Bank of Iran, says Anton Tkachev, deputy of the State Duma, noting that the two countries need to make better use of financial and blockchain technology for improving and expanding their financial performance.
"It is our observation that both sides have the technological grounds for collaborating in cryptocurrencies. Iran and Russia can start trading cryptocurrencies. Trust and security are two key requirements in this regards," the official was quoted as saying at a press conference Monday in Tehran, the way2pay website reported.
"We have already started cooperation in cryptocurrencies and blockchain technology," Tkachev noted.
Tkachev is heading a delegation of blockchain experts and businesses to Tehran to explore new areas of cooperation and attend the first Technoblock Conference to be held on August 4.
Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain, said his country is in the process of finalizing regulations for crypto use by yearend.
Victor Goncharuk, vice-president of RACIB, said Iran has made progress in terms of technical issues and called for creating a joint payment system for bilateral transactions.
"By enhancing collaboration in crytpo exchanges and blockchain technology, Iran and Russia can develop a joint ecosystem," he said.
Technoblock Conference is a specialized blockchain conference that focuses on crypto mining, exchange, entrepreneurship, and education.
Discussions will cover technology development, propose solutions to cryptomining challenges and set frameworks for future projects.
Iranian and Russian tech firms signed a deal in 2018, as per which the former agreed to help Iran build its crypto-economy. The document was signed after Iranian financial institutions were cut off from SWIFT, the international system that enables banks to transmit messages and transfer funds across borders, between the RACIB and Iran Blockchain Labs (IBL), a research and advisory center established by Iran’s Sharif University of Technology with the participation of the Central Bank of Iran.
After the imposition of sanctions on Russia, which resulted in cutting of Russian banks’ access to SWIFT, Tehran and Moscow are in the process of creating a rival to SWIFT for cross-border payments.
Central banks of the two countries are also working on connecting their domestic bank card networks.
