Bitcoin Forum

As Iran and Russia intend to use Cryptocurrency to avoid US Ban, what do you think would happen to the market in general?.

https://www.ccn.com/iran-and-russia-consider-using-cryptocurrency-to-evade-us-sanctions-report/

Interesting.....

Given the potential upcoming US trade wars, I think a number of companies will be looking to move away from the dollar, and crypto seems perfectly poised to take over. 

Even if something like this is attempted, it'll be shot down very quick with sanctions -- governments don't play around when it comes to sanctions on countries which are hated by the US people (they know if they act weak they're going to be voted out of office, so they have to play hardball)

I doubt they'll do this, they'll waste resources that will be thrown down the drain when new crypto sanctions come in.

Include Venezuela as well, with their beloved Petro. And there are reports that Russia and Venezuela are already using Petro to trade with one another and up to this time, I still believed that Russian has one of the biggest investors in Petro coins.

I don't think that it has significant effect on the market though, as I'm not fully aware that they are offering it publicly (correct me If I'm wrong), and I haven't seen Petro/BTC pairing up to now. Although it might be traded on Venezuela's local exchanges. Another worth mentioning though is in essence its not a true crypto, because its a centralize coin, backed by oil reserves. But it will be trend in the long run specially countries who are under heavy sanctions from the West but has a lot of oil reserves like Iran.

The story is looking like propaganda against Bitcoin whether  true or not.

it's high time to come up with your own crypt ruble! and long ago would have bypassed all sanctions! crypt world opens new opportunities for each country! and I do not understand why countries do not use this opportunity ?! if Russia creates its crypto ruble again, new investments from Europe and America will flow! because it will be anonymous! Let's see how this story ends ....!

thy wont use bitcoin, they will just create their own cryptocurrencies, iranian krypto dinar, russian krypto rouble etc.

I doubt either nation would utilize crypto currencies as a means of circumventing economic sanctions.

Russia and iran likely have networks of spies and agents all over the world who can exchange paper fiat as needed, leaving behind no paper or electronic trail which would indicate a transfer of wealth took place.

Electronic exchanges of wealth could be subject to interception or attack. The viability of technologies like stuxnet and cost effectiveness of DDoS attacks against financial networks could move states to adopt more traditional methods of avoiding economic blockades rather than attempting to reinvent the wheel in terms of opting for any purported "push button" convenience which crypto currencies might potentially provide.

unfortunately news like this always means creation of new centralized altcoins by the governments of these countries. this has nothing to do with bitcoin or even cryptocurrencies in general. it is just a new coin being created, for example the "cryptoruble" which Russia has been talking about. and if they do that, there will be new restrictions against that currency also and not much is going to change because they are creating a centralized coin and banning a centralized coin is so much easier.

Me too, i think US will panic and must find a way about this if IRAN and RUSSIA really using cryptocurrency, because not immposible a lot of country using it too. I still waitting the next news about this, will the king dollar be replaced by cryptocurrency?  ??? ???

I think they could not use this aproach beause there are no any exchange that could support huge amount of money. it is very difficult to use. tat is only social media propaganda about crypto

That's why I having a good chuckle about countries having their own crypto's. Not even close to what most people are expected because it's centralized coins, nothing more like stocks or mutual funds. Russia even put around 20%-30% if I'm not mistaken. So its too early to say what's the real purpose behind nations like Venezuela or Russia and Iran. Maybe they are experimenting new ways to circumvent economic sanctions or just trying to please their population of having their own crypto because its the hottest trend right now. Let's see how it pans out.

wow very interesting news. If Russia and Iran avoid US Ban with cryptocurrency I think this is the momentum of support from the country for the world of cryptocurrency. Inevitably the US will rethink if Iran and Russia use cryptocurrency. Sooner or later the US will take a new policy

Interesting what the currency it was use, and how to do when price fluctuate.
Or she use some stable coins, how i know all stable coins regulated by us government today

Then what would be the difference between a centralized digital fiat and their state currency be? Both can be stopped and would have a single point of failure.

I believe they will have to use Bitcoin as a medium if they really wanted to circumvent SWIFT for cross border payments.

This will be interesting to watch. And with the renewed sanctions in Iran, it is a event that will expose so many international bitterness from countries that hate the USA. Let us see what happens now.

The China and USA trade war has resolved. No more war on that.

when iran and russia decided to break away from the US Bank, and chose to use crypto, so, the economy of Iran and Russia rely solely on crypto.

I think it is a good decision because today slowly some countries are getting interested in using crypto. 40% of the world's population, more convenient transactions using crypto.

so it does not matter unless the crypto growth in the world is few and does not develop.