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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. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US dollar. 

Teheran Mulls Evading US Sanctions with Crypto

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. Mohammad Reza Pour-Ebrahimi, chairman of the parliamentary Economic Commission, also noted that digital currencies could help get rid of the dollar hegemony in international trade. Speaking to the Mizan News Agency, he said the matter will soon be reviewed in the parliament of the Islamic Republic.

Pour-Ebrahimi also noted that one of the main priorities of the Iranian legislature, in the current volatile economic situation, would be to explore the issue of money treaties as another mechanism to evade the sanctions. “Today, many countries like Russia, China and Brazil have already turned to mutual or multi-national money treaties which facilitate trade transactions,” he explained.

Amid rising tensions with the US, since Washington pulled out from the nuclear deal in May and threatened Teheran with harsher measures, Iran’s national fiat currency, the rial, has lost half of its value in the past several months. The new set of economic sanctions is expected to take effect in November this year and Iranian authorities have been looking for ways to circumvent them, the Iran Front Page reports.

Read more: https://news.bitcoin.com/iran-considers-using-cryptocurrencies-to-evade-us-sanctions/

Again these typical clickbat titles from Ver's Bitcoin.com. Some lawmaker said that they can use Bitcoin, is not the same as Iranian government officially declaring their new course. We've been hearing news like these countless times already from all the sanctioned countries, and so far no one has actually tried it.

If FBI has managed to track Russian transactions that were tied to the election hacks, how are these governments are going to do illegal business using Bitcoin. Also, if you are trying to circumvent sanctions, you do it quietly to not get caught and not announce it to the whole world. This is just another populist statement aimed to cheer up their own population.

We hear different news about Iran, some reports say Iran will ban all cryptos, some say it will use it for commercial purposes, as in this news. If the news is true, the use of Cryptos to break the embargo may be useful, but doing this can cause new sanctions if international communtity find out.

However, this situation is very good for the development of the crypto currency. However, it is still unclear whether the Iranian government is going to use the existing crypto currency, or create its own, like El-Petri in Venezuela. True, the popularization of the crypto currency is again taking place in connection with the not very legitimate actions of Iran.

I agree

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They said: " Iran Considers Using Cryptocurrencies... "

going back a bit in the past:

MAY 29, 2018

Iran is exploring the use of cryptocurrencies as a means to work around international sanctions that inhibit trade with other countries. (https://cointelegraph.com/news/iran-crypto-adoption-or-rejection)

MAY 19, 2018

Both Iran and Russia are reportedly looking into using cryptocurrency as a way around Western sanctions (http://Both Iran and Russia are reportedly looking into using cryptocurrency as a way around Western sanctions)

Oh and they did this:

APR 23, 2018

Central Bank Of Iran Bans Banks From Crypto Dealings (https://cointelegraph.com/news/central-bank-of-iran-bans-banks-from-crypto-dealings)

so it would be best if our bitcoin news channels, do not waste time about news like these: "  Iran Considers Using Cryptocurrencies to Evade US Sanctions "