Iran Considers Using Cryptocurrencies to Evade US Sanctions – Bitcoin News



bran may employ crypto currencies as part of its efforts to circumvent the upcoming US sanctions according to a high-ranking Iranian lawmaker who said the matter will be discussed in Parliament soon the Iranian MP also believes that digital money can help with overcoming the hegemony of the US dollar also read PBOC Bitcoin trading in Chinese currency drops below 1% of world total Tehran motivating US sanctions with crypto mohammad reza pahlavi Brahimi crypto currencies are one of the major mechanisms Iran can used to evade the new US sanctions a senior Iranian lawmaker said in an interview published recently Mohammad Reza Pahlavi Brahimi chairman of the parliamentary economic commission also noted that digital currencies could help get rid of the dollar a yemeni and international trade speaking to the Mazon news agency he said the matter will soon be reviewed in the Parliament of the Islamic Republic for Ibrahim he also noted that one of the main priorities of the Iranian legislature in the current volatile economic situation would be to explore the issue of money treaties is another mechanism to evade the sanctions today many countries like Russia China and Brazil have already turned to mutual or multinational money treaties which facilitate trade transactions he explained amid rising tensions with the u.s. since Washington pulled out from the nuclear deal in May and threatened state-run with harsher measures Iran's national fiat currency the rial has lost half of its value in the past several months the new set of economic sanctions is expected to take effect in November this year and Iranian authorities have been looking for ways to circumvent them the Iran front page reports Iran's complicated relationship with Bitcoin so far the Islamic Republic has had an ambiguous attitude toward crypto currencies the country's economic woes have persuaded many Iranians to turn to Kryptos like Bitcoin in order to protect themselves and their money from high inflation and economic uncertainty around the beginning of this year when the country was shaken by popular protests over the socio-economic situation Iran saw record increase and peer-to-peer trade between the rial irr and Bitcoin BTC during that period calls were made for wider acceptance of crypto currencies later reports came out that Iran was considering issuing its own crypto and adopting regulations for the established decentralized cryptocurrency x' like Bitcoin they were followed by statements that coins 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 CBI issued a statement effectively banning local banks and other financial institutions from dealing in cryptocurrency while at the same time the debate on how to regulate the space was still ongoing the risks of money laundering financing terrorism and criminal activities were cited as motives for the measure despite the clampdown it was revealed in May that Iranians have sent abroad more than 2.5 billion dollars to acquire cryptocurrencies in the meantime it became known that Iran has developed an experimental local cryptocurrency while the central bank and the information and communications ministry continued their work on creating a legal framework for the FinTech industry do you think Iran will accept and use crypto currencies in order to evade US sanctions tell us what you think about this subject in the comment section below Edge's courtesy of Shutterstock Mazon news agency express yourself freely at bitcoin calm as user forums we don't censor on political grounds check forum bitcoin calm

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