Iran and Russia Collaborate at Finex to Empower Trade with Crypto and Blockchain

A wide range of business leaders, government representatives, and specialists from Iran and Russia came together at the 15th International Financial Industry Exhibition (Finex) in Tehran to discuss the possibilities of digital currencies and blockchain technology. According to local media, the occasion provided a forum for talks on the uses and difficulties of these new technology.

During the conference, eminent speakers from both countries’ finance and crypto industries offered their perspectives. According to the Iranian news portal Way2pay, the discussions featured important participation from Abbas Ashtiani and Mustafa Amiri, the secretary and CEO of the Iran Fintech Association and the Iran Blockchain Association, respectively. The meeting was attended by Hossein Khosropour, the Iranian Ministry of Information and Communications Technology’s head of Innovation and Investment Support, as well as Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib).

The event not only offered a forum for insightful talks, but it also featured an important announcement about economic and financial exchanges between the two countries. During an event hosted at the Finex, Iran’s Bank Pasargad and Russia’s biggest bank, Sberbank, revealed a new financial tool known as a banking guarantee letter. This tool seeks to promote trade by expediting transactions in the national currencies of Iran and Russia, the rial and the ruble, when used in conjunction with the domestic letter of credit.

Chief Executive of the Iran International Exhibitions Company Has His Say

The head of the Iran International Exhibitions Company, Seyed Ahmad Reza Alaei, voiced his hope about how these tools could change bilateral trade while highlighting the significance of carrying out transactions in local currencies. He remarked, “These tools have the potential to redefine bilateral trade using national currencies. It’s a significant step forward in the cooperation between Iran and Russia.”

International sanctions have forced both the Islamic Republic of Iran and the Russian Federation to look into alternative financial systems. In fact, almost 60% of economic transactions between the two countries are already paid for with national currencies. Iran has made major advancements in this field, while Russian authorities are currently considering the potential of allowing cryptocurrency payments in cross-border settlements. Iran made its first official bitcoin import order last year, and more recently, the country’s Trade Promotion Organization announced the opening of a platform that enables companies to conduct cross-border crypto payments.

The joint initiatives between Iran and Russia on display at the Finex exhibition highlight the growing interest in utilizing blockchain technology and crypto assets to enhance commerce and get around financial constraints. These initiatives not only demonstrate the potential for innovation but also demonstrate both nations’ commitment to looking into different options in the face of economic difficulties.