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Iran proposes use of cryptocurrency to elude sanctions

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Iran’s commander of the Islamic Revolutionary Guard Corps Saeed Muhammad has advocated the use of cryptocurrency to evade severe sanctions imposed on Iran, a local crypto news outlet reported on Wednesday.

Iran, for the longest time, has been a target of several sanctions imposed by international government entities, especially the United States. The catastrophic impact these restrictions have had on this region eventually started to become apparent with the severe suffering of the Iranians provoking widespread protests against the government last year.

Amid these hardships, the growing use of cryptocurrency has breathed some life into this failing economy that has fallen deep into recession. Recently, a report revealed that the country had granted as many as one thousand cryptocurrency mining licenses as the industry is said to be strengthening a weakened economic condition.

However, happiness may be short-lived. The much-talked-about FinCEN regulations may toughen up crypto clampdown and further instill fear among the crypto community.

Is extensive use of cryptocurrency the only way out for Iran?

Thus, the Iranian General Saeed Muhammad, announced in a speech recently that Iran should increase the use of cryptocurrency to attract international investments in the region that would eventually help the economy come out of the hard times.

What we want is building a much more sophisticated and complex sort of mechanism, like a commodities exchange, to evade growing sanctions and bring the country out of the economic downturn, he suggested. 

The only way to bypass these restrictions is to develop solutions surrounding the exchange of services and products and promote extensive use of cryptocurrency with our partnering nations, Muhammad asserted.

And while broader adoption of cryptocurrencies could be one way to ease tensions in the country, whether or not the central government actually starts a nationwide initiative to embrace cryptocurrency is yet to be seen.

Featured Image by Pixabay

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