Evading US Sanctions: Iran to Begin Using Cryptocurrencies

2018-7-17 09:36

Economy & Regulation

Iran may employ cryptocurrencies 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.
Also read: PBoC: Bitcoin Trading in Chinese Currency Drops Below 1% of World Total
Teheran Mulls Evading US Sanctions with Crypto
Mohammad Reza Pour-Ebrahimi Cryptocurrencies are one of the major mechanisms Iran can use to evade the new US sanctions, a senior Iranian lawmaker said in an interview published recently.
Later, reports came out that Iran was considering issuing its own crypto and adopting regulations for the established, decentralized cryptocurrencies like bitcoin.
Despite the clampdown, it was revealed in May that Iranians have sent abroad more than $2.5 billion to acquire cryptocurrencies.
Do you think Iran will accept and use cryptocurrencies in order to evade US sanctions?

origin »