Iran has followed the pace of Venezuela's petrocurrency to develop its own encrypted digital currency, because Venezuela has been seeking to pay for oil in currencies other than the US dollar. At present, Venezuela is negotiating with Indian buyers to find a way to buy crude oil beyond the US dollar and find a new direction for economic reform and domestic oil. This also means that Iran and Venezuela have become the first countries with their own cryptocurrencies supported by oil reserves. It is hoped that Petrocoin can break the dollar blockade, turn from poverty to wealth and get out of economic difficulties.
Earlier, Russia has announced that it will use Bitcoin to achieve the goal of de-dollarization, and replace some US dollar reserves to minimize the restrictions that may be disturbed by the US dollar-denominated payment process of oil. The United Arab Emirates and Saudi Arabia also announced plans to create cryptocurrencies to simplify the means of commercial payment between the two countries. Earlier, Turkey also made it clear that it had tried to develop its own cryptocurrency system.
Kazakhstan will not follow the example of Iran, Venezuela, Turkey and other countries to give up using US dollars for settlement. Although we also need to use local currency for settlement, especially within the Eurasian Economic Union, it is not correct to refuse to use US dollars on this ground.