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On July 17, according to Bitcoin.com, the chairman of the Iranian parliamentary economic committee recently said that Iran can use cryptocurrency as a means of evading US sanctions. He believes that cryptocurrency also helps to get rid of the dominance of the dollar.

Chairman of the Economic Committee of the Iranian Parliament: Iran is considering cryptocurrency to circumvent US sanctions - 伊朗议会经济委员会主席:伊朗正考虑用加密货币来规避美国制裁_巴比特_服务于区块链创新者

Mohammad Reza Pour-Ebrahimi

Tehran plans to circumvent US sanctions with cryptocurrencies

Mohammad Reza Pour-Ebrahimi, chairman of the Iranian Parliamentary Economic Committee, said in an interview recently that Iran can use cryptocurrency to evade US sanctions and help to get rid of the dollar's dominance in international trade . He also said that the Iranian parliament will discuss this.

Ebrahimi pointed out that under the current turbulent economic situation, the urgent task of the Iranian legislature is to explore the issue of the currency treaty. He said,

“Today, many countries, such as Russia, China and Brazil, have turned to bilateral or multinational currency treaties to promote trade between the two sides.”

Since the United States launched the Iranian nuclear deal in May this year and threatened to impose the most severe economic sanctions on Iran, the relationship between the United States and Iran has become tense. The new economic sanctions are expected to take effect in November this year, and the Iranian authorities have been looking for ways to evade sanctions.

The complex relationship between Iran and Bitcoin

At present, Iran’s attitude towards cryptocurrency is still unclear. Iran’s economic difficulties have forced many Iranians to look to cryptocurrencies such as Bitcoin to protect their money from inflation and economic uncertainty . At the beginning of this year, demonstrations broke out in Iran, and the public expressed dissatisfaction with the current sluggish economic situation and rising prices. At the same time, the Iranian legal currency IRR and Bitcoin P2P transaction volume hit a record high.

It is reported that Iran is considering issuing its own cryptocurrency and taking regulatory measures against cryptocurrencies such as Bitcoin. Iran subsequently issued a statement saying that the currency is unreliable and the risks are high. Another report said that the Iranian central bank (CBI) is seeking a way to prevent the country from using digital currency.

In April, a statement issued by the Iranian Central Bank (CBI) stated that local banks and other financial institutions were prohibited from engaging in cryptocurrency transactions. At the same time, the debate about how to conduct regulation is still in progress. This measure is designed to protect against the risks of money laundering, terrorism and criminal activity.

Despite the crackdown, there is still news that Iranians have purchased more than $2.5 billion in cryptocurrencies abroad in May this year. At the same time, Iran has developed an experimental local cryptocurrency . The Iranian Central Bank (CBI) and the Ministry of Information and Communications work together to establish a legal framework for the financial industry.

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