A meeting was held between cryptocurrency experts from Russia and Iran at a financial exhibition in Tehran. The meeting discussed the applications of cryptocurrencies and their potential risks, and it was attended by business leaders and professionals in the cryptocurrency and financial technology industries in both countries, along with government officials.

An announcement was made about a new financial tool called the “Bank Guarantee Letter,” which facilitates payments using the national currencies of both countries, the Russian ruble and the Iranian rial. This development is considered an important step in economic cooperation between Iran and Russia.

Both countries are facing international sanctions and are seeking ways to bypass financial restrictions. Payments in national currencies between them have already been conducted in 60% of trade transactions.

While the Russian authorities are still studying the legality of cryptocurrency payments in cross-border settlements, Iran has already requested imports with cryptocurrencies last year and has established a platform for companies to make cryptocurrency payments abroad.