Iranian General: Iran Could Turn to Cryptocurrencies To Circumvent Tough International Sanctions

Iranian General: Iran Could Turn to Cryptocurrencies To Circumvent Tough International Sanctions

Cryptocurrency News
October 31, 2018 by Jane
1179
Iranian authorities are looking to get past some of Donald Trump’s sanctions via crypto. Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization, hinted on Monday that the country could soon turn to cryptocurrencies as a way to evade international financial sanctions. As MEHR News Agency reports, Brigadier General Gholamreza Jalali told the
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Iranian authorities are looking to get past some of Donald Trump’s sanctions via crypto. Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization, hinted on Monday that the country could soon turn to cryptocurrencies as a way to evade international financial sanctions.

As MEHR News Agency reports, Brigadier General Gholamreza Jalali told the state broadcaster that: “cryptocurrencies are untraceable in the financial and monetary system of each country, but internationally they can provide us with great opportunities.”

“Threats are divided into two categories: natural and man-made or technological threats; natural threats result from nature and there is no hostility in them, they are of invariant nature such as earthquake and flood. But man-made or technological threats are dynamic and they are variant at any given time,” he noted.

Jalali added that cryptocurrencies are considered a double-edged sword since they are disturbing the financial and monetary system of each country due to their untraceable nature, however, they can provide us internationally with great opportunities.

The Trump administration announced in May this year it would withdraw from a 2015 nuclear agreement with Iran alongside the reimposing of economic sanctions that restrict Iran’s access to U.S. dollars. The executive order went into effect on Aug. 6.

Following Trump’s formal withdrawal from the Obama-era nuclear deal with Iran, both Iran and Russia have held discussions over cooperating to use cryptocurrency in bilateral trade.

It appears the government will fall to the digital currency for important imports as sanctions tighten. Iran follows Venezuela in leaning on the digital currency to bring life back into their embattled economies.

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