Iran Considers The Use Of Cryptocurrencies To Bypass US Sanctions,

Iran may be considering using cryptocurrencies as part of its efforts to circumvent upcoming US sanctions, according to a senior Iranian lawmaker who said the matter will be discussed in parliament very soon. The Iranian parliamentarian also believes that digital money can help overcome the hegemony of the US dollar.

Tehran Rushes To Avoid US Sanctions with cryptocurrencies

The cryptocurrencies are one of the main mechanisms that Iran can use to evade new US sanctions, a senior Iranian lawmaker said in a recently published interview. Mohammad Reza Pour-Ebrahimi, chairman of the Parliament's Economic Commission, also pointed out that digital currencies could help eliminate the hegemony of the dollar in international trade. Speaking to the Mizan News Agency, he said the matter would be reviewed soon in the Islamic Republic's parliament.

Pour-Ebrahimi also noted that one of the main priorities of the Iranian legislature, in the current volatile economic situation, would be to study the issue of money treaties as another mechanism to bypass sanctions. "Today, many countries like Russia, China and Brazil have already resorted to mutual monetary treaties or multinationals that facilitate commercial transactions," he explained.

During that period, calls were made for greater acceptance of cryptocurrencies. Later, it became known that Iran was considering issuing its own crypto and adopting regulations for established decentralized cryptocurrencies, such as bitcoin. They were followed by statements that the currencies are unreliable and risky and other reports suggesting that the Central Bank of Iran (CBI) is looking for a way to prevent the use of digital currencies in the country.

In April, the IWC issued a statement effectively banning local banks and other financial institutions from dealing in cryptocurrencies, while at the same time the debate on how to regulate space was still ongoing. The risks of money laundering, financing of terrorism and criminal activities were cited as reasons for the measure.

Despite the repression, in May it was revealed that the Iranians have sent abroad more than 2.5 billion dollars to acquire cryptocurrencies. Meanwhile, it was learned that Iran has developed an experimental local cryptocurrency, while the Central Bank and the Ministry of Information and Communications continued their work in creating a legal framework for the fintechnology industry.

Do you think Iran will accept and use cryptocurrencies to circumvent US sanctions? Share your opinion on this subject in the comments below.

Original Author: Lubomir Tassev

Images courtesy of Shutterstock, the Mizan News Agency.
Source Bitcoin News

Is The Superior Coin an Alternative for Iran?
Iran should consider using cryptocurrencies as @superiorcoin which is what, Superior Coin is the first decentralized secure, private and untraceable currency pays dynamic block rewards along with ASIC Resistance.