Iran accepting cryptocurrencies to avoid US Dollar

[KenCryptos]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

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[NeuroticFish]

Based on the laws, cryptocurrencies legally mined in Iran will only be exchangeable when they are used to finance imports from other countries.

The law is quite harsh though, so I would not "cheer" for it.
But imho Iran is just one of the countries officially admit it (although it may be done exactly to enrage US officials).
I expect that other countries (eg KP) do this for years.

[Vaskiy]

Everywhere control matters, just because of USA taking control over Iran we've seen some positive news with Iran accepting cryptocurrencies on imports. More countries faced this in the past, but they were left without choice. Now we've got choice of moving, maybe we can see more countries take the same step forward in the coming years.

Out of inflation several countries were suggested for the adoption of bitcoin. Those countries now had plans of adopting. One of which is Zimbabwe, if it had adopted years back now it could've served as the fintech center.

[palle11]

I just add that will are going to see more countries facing this financial ban threat considering the use of cryptocurrency but the fluctuation and volatility will be a major issue for them because of no choice that they have, they will use it even when price drops.

[dothebeats]

The USA has been the largest bully of them all in contemporary times although in a much subtle way compared to China. They know that many countries are dependent on their currency for imports and other foreign transactions, and if one particular country does not comply to their demands or does not seem to be 'friendly' in their eyes, they would immediately impose sanctions to that said country in order to break them and submit to whatever the US asks. Good thing Iran isn't really complying and are finding other ways to circumvent the sanctions to still operate as normal, although it would be hard to find a partner country ready to accept cryptocurrencies for any imports that Iran wishes to have.

[Musekay]

That was really harsh from US though. But i see the move from iran as a survival strategy to enable them continue with their trading activity. With time though, we will get to see how this will play out for both iran and the US

[wxa7115]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

If anything I am surprised this took so long, may be it is because the market of cryptocurrencies was not big enough for countries to be able to pull something like this but as this market gets bigger then we will see more of this.

Just prepare yourself as this will be used as an excuse of why cryptocurrencies need heavy regulation, it seems governments have finally realized they cannot kill bitcoin directly and they are trying an indirect approach by using the media to portray bitcoin as the currency of criminals and rogue states and then use the laws to make compliance with the regulations so hard that many will just avoid cryptocurrencies so they do not have to deal with those regulations.

[avikz]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

Lol! I love the attitude of Iran! They know they are almost fucked up as no one is buying oil from them and they have no other sources of Income, still they are only legalizing cryptocurrencies in specific use cases! Why not fully legalizing cryptocurrencies?

I don't think a lot of countries will be interested in dealing with Iran at the first place. But even if they deal with them, will they accept cryptos? A few companies can do that but not on a large scale!

[DooMAD]

If anything I am surprised this took so long, may be it is because the market of cryptocurrencies was not big enough for countries to be able to pull something like this but as this market gets bigger then we will see more of this.

Going public with the announcement may have taken a long time, but it's unlikely they've only just started using it.  They've probably been flying under the radar for a while.  I doubt they would reveal their plans until they knew it was safe to do so.

[Febo]

What will the next move us USA you think?

USA can find all Iranian wallets and then taint Bitcoins on them. So all  exchanges in USA or country that comply with USA regulations will block amounts of people that will deposit those Bitcoins to their exchange.
No fungibility = problem.

[yhiaali3]

According to what I heard from some news sources that Iran had been using Bitcoin for a long time to avoid the US sanctions on it, but this was done secretly and unofficially, but now the use of Bitcoin has become legal in Iran.
I think this is a very good step for Iran to bypass the US sanctions and other countries suffering from the US embargo should use Bitcoin to bypass the US embargo.
Certainly, this is one of the reasons why the United States hates Bitcoin, because in this case it will not be able to impose its restrictions on the world, and it is certain that they will look for another way to impose sanctions and not enable these countries to benefit from the advantages of Bitcoin.

[dimonstration]

To have a much secured transactions it is a best decision done by Iran for better security and to avoid anything related to US though they may already did these transactions before, like in my country wherein it's not legal or announced to use it but many were already using it since then. It is an advantage for Iranian to fully star adoption of crypto since it was official legal.

[slapper]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

Is this a real news? Can't find it on any big media such as Bloomberg or Wall street journal. I mean, this is great news, and it must appear on a big channel in order for the people to aware of the big change

I guess the USA will not give any damn concern about this issue. Iran is always an objectionable country to the USA but its strength is not as strong as China in both military and economy. Most of all, right now, everyone is focusing on the next presidential election which can change the whole country in the next 4 years. No event can be bigger than this.

[NotATether]

What will the next move us USA you think?

USA can find all Iranian wallets and then taint Bitcoins on them. So all  exchanges in USA or country that comply with USA regulations will block amounts of people that will deposit those Bitcoins to their exchange.
No fungibility = problem.

I wonder how well-versed Iranians are with mixers. In an apocalyptic scenario like that which can ensnare anyone inadvertently using cryptocurrency sourced from Iran, which isn’t even foolproof by the way - they have no way of identifying wallets of Iranian users, only Iranian services and corps and to a limited extent the government itself (it obviously won’t show US or its allies official documents that have cryptocurrency addresses on them), in such a scenario the taint chain can be broken with the use of mixers. This will also thwart your hypothetical scenario.

The US can’t ban Iran from using mixers, because most of them aren’t based in the US and don’t follow US law.

[batang_bitcoin]

I still remember the conflict between two countries. I don't think that soon they will have an agreement to forgive each other and have a peaceful unity again. Unless Trump or Biden, whoever will win the election will look back again to this matter and they want to reconcile with Iran. On the other hand, if they will start accepting cryptocurrencies. That will open their economy and their people to adopt it lightly. I want to see the positive effect of this adoption on Iran so other nearby countries that are doubting it will start to have their assessment about accepting cryptos.

[DooMAD]

I still remember the conflict between two countries. I don't think that soon they will have an agreement to forgive each other and have a peaceful unity again. Unless Trump or Biden, whoever will win the election will look back again to this matter and they want to reconcile with Iran.

It's amusing when people actually believe it's the decision of the president.  Policy on Iran is dictated by lobby groups.  They're the ones with the real power, pulling the strings behind the scenes.  In return for their continued political donations, Israel get a free pass to repeatedly break international law with the full backing and support of the US.

[AmoreJaz]

What will the next move us USA you think?

USA can find all Iranian wallets and then taint Bitcoins on them. So all  exchanges in USA or country that comply with USA regulations will block amounts of people that will deposit those Bitcoins to their exchange.
No fungibility = problem.

I wonder how well-versed Iranians are with mixers. In an apocalyptic scenario like that which can ensnare anyone inadvertently using cryptocurrency sourced from Iran, which isn’t even foolproof by the way - they have no way of identifying wallets of Iranian users, only Iranian services and corps and to a limited extent the government itself (it obviously won’t show US or its allies official documents that have cryptocurrency addresses on them), in such a scenario the taint chain can be broken with the use of mixers. This will also thwart your hypothetical scenario.

The US can’t ban Iran from using mixers, because most of them aren’t based in the US and don’t follow US law.

they will find ways not to put them in a compromised situation. as they are now seriously accepting crypto for government usage, for sure they will employ crypto experts or people knowledgeable with crypto to handle this affair. by now, those who will handle this type of work have already known the importance of using mixers. we are not in the stone age anymore. almost everything you want to learn can be found in cyberspace already. dont underestimate their capability because they have capable people also that we dont know of.

[Hydrogen]

Economic sanctions against "rogue states" like iran are imo more damaging to the united states in contrast to any purported benefit or advantage. The psychology of the US punishing foreign trade partners for de dollarization practices being flawed on a fundamental level due to it not acknowledging the backlash which eventually ensues. But america's financial and economic policies are not usually created by politicians or analysts. They're normally made by bankers and banking cartels who are appointed to those posts.

I suspect iran adopting bitcoin has little to do with sanctions, though. Bitcoin is better than iran's native fiat currency and can conduct transactions at lower cost than iran's banks. As we've seen in argentina and elsewhere around the world. Adopting bitcoin is a natural progression for many due to it simply being a better technology in comparison to aging bank legacy systems.

[kawetsriyanto]

It is said in the article that they legalize cryptocurrencies for the term of import funding done by the Central Bank of Iran (CBI). SO, it means that the use is only limited in that case? But of course, it will not stop there, probably will always developing and also progressing.
Moreover if related to the prohibition of using the US dollar in that country, it means that more activities regarding the outside funding of the country will probably use cryptocurrencies.
In this case, aside from what happened to the condition, politics will always give influence to everything in the world. Politic is sometimes very harsh. But behind the harsh thing, it may influence good news for cryptocurrency itself.

[stompix]

What will the next move us USA you think?

Nothing. Why should they do anything?

People are misunderstanding how sanctions work!
The US is not putting nano bombs in dollar bills that will explode if Iranians touch them, Iran can use its own currency for those deals the problem for them is in a totally different place, nobody wants to deal with Iran since they might enrage the US and they would end up cut themselves from the all the US financial services, if someone wants to sell or buy stuff from Iran they can do it via Chinese banks using rials, yuans Russian rubles  

Do you think Boeing is not selling planes and replacement parts because they can't get paid in $ but they will once Iran pays in BTC ?
It's pretty simple, Iran doesn't lack the means of paying its partners, it lacks partners!

This makes Iran the first country to legalize cryptocurrency use at a state level. The new law amended means that all the legally mined cryptocurrency in Iran can only be exchanged against funding imports to Iran from other countries. Here the miner will be directly supplying the cryptocurrency to the central bank within the permissible limit.

Oh yeah, the start of the crypto-kolkhoz.

[redsun114]

Uuhm in a situation like this I don’t think that the US would have anything to do, it is bitcoin and not the US dollar, so they can’t and won’t be doing anything about it. Unless if they are trying to come up with a different plan, well then.

If I am right, there is another country that talked about doing this, I can’t remember if it was Russia or another country, but I have seen something like this before. The USA didn’t do anything about it before, and they wouldn’t be doing anything about this one Iran.

Although I still feel that the people of Iran will find it difficult to navigate through with cryptocurrency, only a few will find it easy.

[larus]

Another one example that countries in trouble needs crypto the most

[bits4books]

And again, we come to this vision that cryptocurrency is not something "bright and kind" but another way to avoid any sanctions/bans and other schemes to circumvent the rules. Again somebody using crypto for shady schemes
Probably few people agree with me, but this news affects the reputation of cryptocurrencies as well as the constant words that "btc is only needed for purchases on the black market" and as news about another fraudulent scheme with exchanges.
This is more sad news than happy, I'm sorry.

[btc_angela]

Another one example that countries in trouble needs crypto the most

Well, it has been the case right? Venezuela, with Maduro still the President, people are using bitcoin and they are one of the top 10 countries are far as bitcoin usage is concern. So we could understand what Iran is going through right now, and it seems they are encouraging everyone from mining to storing bitcoin to circumvent everything and stay away from the US dollar. But it will still take time though, as USD still dominates the world economic market. But at least leveraging crypto in Iran will be a good head start.

[Janation]

USA did what?!

Wow, USA is really bully nowadays just like the other one I know using an island that they didn't own. Still, that is harsh but great for the community as people have a choice to use cryptocurrencies now. I don't know if people are actually using Bitcoin there but that would create more users and maybe future holders of the said cryptocurrency.

[imstillthebest]

i didnt knew that its possible for them u.s country to block other country they like from using thier usd currency but iran has its local currency and there are so many local currency and digital currency to choose and use from why will they worry ? and now they decide to use a crypto which is way more better than using another local currency . u.s may look bad but they can be good at the same time because they push other country to go outside thier comfort zone by trying currencies that they arent comfortable with or they already banned before .

[DrG]

Iran knows that if it takes Yuan it's basically at the mercy of China when it comes to keeping those shipping lanes open through the Strait of Hormuz. China will make Iran play gatekeeper even if it's not in Iran's best interest. Russia stopped their pipeline usage of Iranian oil so it's basically just playing a solo game and looking at Maduro's petrodollar currency. Neither of those countries wants to play like the Scandinavians.

[Xinarae*]

Iran is adopting cryptocurrency to avoid the US dollar it could help improve their economy. This roadmap of partnership with none third party intervention will ensure economic and defense cooperation between the 2 countries. The agreement will protect the us from sanctions against Iran and China and can increase defense cooperation between the 2 countries. this may increase the demand for crypto and therefore the use of Bitcoin will help them to enhance further.

[AniviaBtc]

Another one example that countries in trouble needs crypto the most

So in other words, cryptocurrency is the hope of all countries who are struggling with their economy.

This is an another example of a good cryptocurrency adoption, a country engaging or accepting cryptocurrency has a lot of things to face in terms of economy.

Cryptocurrency has a lot of potential to become the key to fight inflation and economic crisis that the government is struggling about.

[Johnyz]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

The next move by US is to create more terrorist to ruin the country of Iran, US make a huge pressure to them so they have no choice but to look for alternatives and keep on going. I don’t know the start of all of this all but I want to hear more peace all over the world so we can have a better life. Cryptocurrency is a good option for them, and I hope Iran will do good this time same as US.

[FanEagle]

It is not shocking that crypto could be used for legal loopholes like this. Humanity started using bitcoin for drug dealing looong before they did anything else with it, you could have bought weed with bitcoin and ship it anywhere in the world inside a book for years before people looked at bitcoin and said "maybe I should buy and hold this to make a profit".

Iran is doing national level of this, they are not doing anything illegal in the sense of drug dealing, but sanctions by USA is something they can't overcome with dollars or anything else, so instead they could use crypto to overcome that and not like USA could sanction crypto, it has no nationality which shows the world that small time drug dealers could use it for illegal stuff but as you can see whole governments can do that too.

[Febo]

What will the next move us USA you think?

USA can find all Iranian wallets and then taint Bitcoins on them. So all  exchanges in USA or country that comply with USA regulations will block amounts of people that will deposit those Bitcoins to their exchange.
No fungibility = problem.

I wonder how well-versed Iranians are with mixers. In an apocalyptic scenario like that which can ensnare anyone inadvertently using cryptocurrency sourced from Iran, which isn’t even foolproof by the way - they have no way of identifying wallets of Iranian users, only Iranian services and corps and to a limited extent the government itself (it obviously won’t show US or its allies official documents that have cryptocurrency addresses on them), in such a scenario the taint chain can be broken with the use of mixers. This will also thwart your hypothetical scenario.

The US can’t ban Iran from using mixers, because most of them aren’t based in the US and don’t follow US law.

USA spends a lot of money to pay researches of chain analysis firms. IRS is doing it and also other USA offices. Chain analysis is a big business now and many companies offer it. Mixers will have hard time to stay ahead of them.

[arallmuus]

So in other words, cryptocurrency is the hope of all countries who are struggling with their economy.

No, it is only one of the option of many more better option out there. The other option would be to adopt another stable currency because its would be so much easier than to adopt cryptocurrency. Imagine the struggle to explain how to use this crypto stuff to anyone with the age of 60 and above, not to mention that tons of people in the 3rd world country might not be familiar with how these things works

We are far away from using crytocurrency in a large scale, probably in around 30 more years but 30 years from now means that there could be tons of other new stuff that might replace cryptocurrency

[Fortify]

It seems inevitable that Bitcoin will start to become more widely used, now it has been around for over ten years and has shown it is a rather rugged currency that is easily tradeable. America is actually weakening it's own hand by sanctioning countries like Iran so heavily, because eventually they will figure out ways to bypass or even exist without any reliance on US controlled systems at all in future. There is also substantially lower wait times when dealing with crypto, it's amazing that it takes banks 5-7 days to process large transactions - it can really slow down business.

[verita1]

According to the article, the Iranian government plans to resort to Bitcoin so as not to paralyze its international trade. Because the USA has sanctioned it, the government last year approved bitcoin mining and are establishing rules to make good use of it. The Ministry of energy of that country will be in charge of developing a plan so that the miners do not exceed their energy consumption, they will also receive a subsidy for energy. It is a necessary strategy that Iran is doing to safeguard its economy and contributes to the adoption of Bitcoin because it will be for the first time that a country opts to pay for its imports without the need for the dollar.

[batang_bitcoin]

I still remember the conflict between two countries. I don't think that soon they will have an agreement to forgive each other and have a peaceful unity again. Unless Trump or Biden, whoever will win the election will look back again to this matter and they want to reconcile with Iran.

It's amusing when people actually believe it's the decision of the president.  Policy on Iran is dictated by lobby groups.  They're the ones with the real power, pulling the strings behind the scenes.  In return for their continued political donations, Israel get a free pass to repeatedly break international law with the full backing and support of the US.

I thought that kind of setting only happens in the movies. I'm following someone from Israel and I always get to see the updates being done about the agreements that they're getting recently from different countries.

i didnt knew that its possible for them u.s country to block other country they like from using thier usd currency but iran has its local currency and there are so many local currency and digital currency to choose and use from why will they worry ? and now they decide to use a crypto which is way more better than using another local currency . u.s may look bad but they can be good at the same time because they push other country to go outside thier comfort zone by trying currencies that they arent comfortable with or they already banned before .

It's hard for them to get into international trades because of that. But AFAIK, they're tied with China so they can also shift into that market together against US.

[DooMAD]

I still remember the conflict between two countries. I don't think that soon they will have an agreement to forgive each other and have a peaceful unity again. Unless Trump or Biden, whoever will win the election will look back again to this matter and they want to reconcile with Iran.

It's amusing when people actually believe it's the decision of the president.  Policy on Iran is dictated by lobby groups.  They're the ones with the real power, pulling the strings behind the scenes.  In return for their continued political donations, Israel get a free pass to repeatedly break international law with the full backing and support of the US.

I thought that kind of setting only happens in the movies. I'm following someone from Israel and I always get to see the updates being done about the agreements that they're getting recently from different countries.

So the lobby groups just donate money for the fun of it?  Almost $30 million this election cycle in support of that particular cause, dwarfing previous year's contributions.  I doubt it's a coincidence. 

[Yatsan]

USA have really been showcasing its power and dominance since many countries are being reliant on the currency they have most specially talking about importing internationally thar US dollars have the widely accepted currency and have been widely used at every edge of the world. But it just sounds brute how the USA is treating Iran by not allowing them to use US dollars where in fact that is for a great purpose and no hidden negative agenda. But the counterpart of it makes a big move for Iran to switch on adapting and accepting the usage of cryptocurrency for they are left with no choice. Such scenarios could be possible to keep on existing if US will keep on being a bully on the other countries if they would treat such just like what they have done to Iran.

[Clement Kaliyar]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

What moves USA can do, restrict all the merchants to stop dealing in cryptocurrencies to countries they have zero trade relations or sanctions imposed  . There will be a shit in power structure as bitcoin will change certain global political dimensions and all the countries facing these regulations from super powers might be using cryptocurrencies to overcome those restrictions.

[Shasha80]

I think it would be a good step for Iran to use cryptocurrency for international trade after Iran was banned from using the US Dollar.
And the US government will not take any steps knowing Iran is starting to use cryptocurrency, because cryptocurrency cannot be
controlled by anyone. Although the United States has a strong influence, if it is related to cryptocurrency, you cannot do much.
Because it is impossible for America to close all cryptocurrency transactions.

[EdenHazard]

It is not shocking that crypto could be used for legal loopholes like this. Humanity started using bitcoin for drug dealing looong before they did anything else with it, you could have bought weed with bitcoin and ship it anywhere in the world inside a book for years before people looked at bitcoin and said "maybe I should buy and hold this to make a profit".

Iran is doing national level of this, they are not doing anything illegal in the sense of drug dealing, but sanctions by USA is something they can't overcome with dollars or anything else, so instead they could use crypto to overcome that and not like USA could sanction crypto, it has no nationality which shows the world that small time drug dealers could use it for illegal stuff but as you can see whole governments can do that too.

It's only takes a courage for any country to do this.

Iran forced to use cryptocurrency as they see it as the best option, that's okay they feel forced but once they found it has a lot of benefit they might consider to use it more often than ever.
The reason is classic when a country try to accept cryptocurrency as a global payment, they are fear. Fear cryptocurrency could threat their own printed money .. fear it could threat economic stability and so on , so yeah it takes courage!iran did it due the complicated circumstances.

[ChrisPop]

This is just a small example of why cryptocurrencies are very unlikely to be banned at a world level. Even if a big country like USA bans them, they would find themselves at a great disadvantage while other countries hoard the sats possibly leaving their renowned wealth in the dust several years later.

Moreover, we need a decentralized currency so that no restrictions can be made on its use.

[MCobian]

After cryptocurrency helped the Venezuelan state, now it is Iran's turn to be helped by cryptocurrency. This is strong evidence
that cryptocurrency is needed by all parties, even a country as big as America cannot stop Iran from using cryptocurrency.
Hopefully cryptocurrency can continue to grow and be used by all countries in the world.

[Vishnu.Reang]

What they will do with these cryptocurrencies? It may be possible for Iran to get Bitcoin or some other cryptocurrency in exchange for its petroleum products. But what they will do with these coins? International trade is mostly done using US Dollar, and I don't think that anyone would be willing to accept cryptocurrencies. Anyway, who will take the risk of trading with Iran, when they are under UN embargoes?

[plast555]

USA did what?!

Wow, USA is really bully nowadays just like the other one I know using an island that they didn't own. Still, that is harsh but great for the community as people have a choice to use cryptocurrencies now. I don't know if people are actually using Bitcoin there but that would create more users and maybe future holders of the said cryptocurrency.

which other country and island are you takling about? is that about Hawaii. I read somewhere that China claimed hawaii.  and crypto is being used in Iran for very long time. I know few people myself who use crypto regularly bases . so the odoption is increasing.

[beerlover]

Everyone considers to be something huge and think that this is going to change too much for either Iran or even crypto but the reality is there has been sanctions by USA for a very long time towards Iran and they have managed to survive this much by going around those sanctions anyway, this is just another step and I think it is not going to be a huge one neither, so there is really no need to hype about crypto getting more use in Iran.

They were always a country that used crypto and you can see that their peak was as high as 27k during 2017 peak times for example, being closed down to other nations do make them a bit more volatile in crypto prices as well. So, this was already something Iranians did but they just didn't do it legally, now its legal and not much will change.

[shoreno]

USA did what?!

Wow, USA is really bully nowadays just like the other one I know using an island that they didn't own. Still, that is harsh but great for the community as people have a choice to use cryptocurrencies now. I don't know if people are actually using Bitcoin there but that would create more users and maybe future holders of the said cryptocurrency.

which other country and island are you takling about? is that about Hawaii. I read somewhere that China claimed hawaii.  and crypto is being used in Iran for very long time. I know few people myself who use crypto regularly bases . so the odoption is increasing.

he didnt said u.s but if you read again he says "just like the other one I know" . that means he was referring to the other country  . better if he say like that because itl sound rude if he say the actual name .

  you are from iran and you are using a crypto before ? this news can be late to know that or the legality of crypto in that country were not formally introduced in public . they dont announce a specific crypto but they say will accept cryptos , thats too general and could be mean all cryptos including bitcoin are included .

[Kong Hey Pakboy]

I think it would be a good step for Iran to use cryptocurrency for international trade after Iran was banned from using the US Dollar.
And the US government will not take any steps knowing Iran is starting to use cryptocurrency, because cryptocurrency cannot be
controlled by anyone. Although the United States has a strong influence, if it is related to cryptocurrency, you cannot do much.
Because it is impossible for America to close all cryptocurrency transactions.

I can't really say if it is good that Iran is starting to accept cryptocurrencies because Iran has a huge conflict with the US government. But I think Iran made a great choice for legalizing import funding using bitcoin and cryptocurrency, so they could get away from using US dollar or fiat currency.

[Strongkored]

I'm just a bit curious there are any countries or big companies that want to transact with crypto payment. This is talking about huge transact, not like buy groceries or any other daily needs.

[Wysi]

I think it would be a good step for Iran to use cryptocurrency for international trade after Iran was banned from using the US Dollar.
And the US government will not take any steps knowing Iran is starting to use cryptocurrency, because cryptocurrency cannot be
controlled by anyone. Although the United States has a strong influence, if it is related to cryptocurrency, you cannot do much.
Because it is impossible for America to close all cryptocurrency transactions.

I can't really say if it is good that Iran is starting to accept cryptocurrencies because Iran has a huge conflict with the US government. But I think Iran made a great choice for legalizing import funding using bitcoin and cryptocurrency, so they could get away from using US dollar or fiat currency.

This is a gamechanger for Iran which is crippled by its own economical crisis followed by US led sanctions, I feel this is the only way left for Iran to international trade which cannot be controlled by US government, hopefully they will someday endorse usage of crypto currency for civillans as well because now they are using t only for huge international transactions and trades not in daily life usage.

[Sithara007]

They can accept the payments in cryptocurrency. But my question is, what about their exports? Their exports (such as petroleum and agricultural products) are physical commodities and they can't be moved online. So while it is possible for them to accept cryptocurrency as the payment, how is it possible for them to export their commodities without attracting unwanted attention?

[deisik]

It's pretty simple, Iran doesn't lack the means of paying its partners, it lacks partners!

You mentioned China and Russia

And these seem to be Iran's best partners right now (especially China). Besides, there is also Europe, which is not as strict on Iran as America (read, Iran will be buying Airbus instead of Boeing). As far as I know, Iran can still use euro, that is to say, European banks, which means it is not as bad for the ayatollahs as it it is reported in the mass media. A few years ago Russia was rumored to be selling more oil than it had been producing. Whose oil was that or whose oil was balancing out these exports provided the rumors had some relevance to reality?

So while it is possible for them to accept cryptocurrency as the payment, how is it possible for them to export their commodities without attracting unwanted attention?

Iran has been selling crude oil to China. This is not a secret

[ultrloa]

I think it would be a good step for Iran to use cryptocurrency for international trade after Iran was banned from using the US Dollar.
And the US government will not take any steps knowing Iran is starting to use cryptocurrency, because cryptocurrency cannot be
controlled by anyone. Although the United States has a strong influence, if it is related to cryptocurrency, you cannot do much.
Because it is impossible for America to close all cryptocurrency transactions.

I can't really say if it is good that Iran is starting to accept cryptocurrencies because Iran has a huge conflict with the US government. But I think Iran made a great choice for legalizing import funding using bitcoin and cryptocurrency, so they could get away from using US dollar or fiat currency.

This is a gamechanger for Iran which is crippled by its own economical crisis followed by US led sanctions, I feel this is the only way left for Iran to international trade which cannot be controlled by US government, hopefully they will someday endorse usage of crypto currency for civillans as well because now they are using t only for huge international transactions and trades not in daily life usage.

They can adopt other currency if they want to but adopting cryptocurrency will be a big game changer to them, and same as you I looking forward that their government will endorse the usage of it since it's a great step toward the adoption and for sure those threaten the economical sabotage will be alerted to the existence of cryptocurrency since they doesn't have any control on it.

They can accept the payments in cryptocurrency. But my question is, what about their exports? Their exports (such as petroleum and agricultural products) are physical commodities and they can't be moved online. So while it is possible for them to accept cryptocurrency as the payment, how is it possible for them to export their commodities without attracting unwanted attention?

Maybe there's a certain deal gonna happen between on online transaction and provably there's something legal actions happening during the exports trade in Iran.

[DrG]

It's pretty simple, Iran doesn't lack the means of paying its partners, it lacks partners!

You mentioned China and Russia

And these seem to be Iran's best partners right now (especially China). Besides, there is also Europe, which is not as strict on Iran as America (read, Iran will be buying Airbus instead of Boeing). As far as I know, Iran can still use euro, that is to say, European banks, which means it is not as bad for the ayatollahs as it it is reported in the mass media. A few years ago Russia was rumored to be selling more oil than it had been producing. Whose oil was that or whose oil was balancing out these exports provided the rumors had some relevance to reality?

So while it is possible for them to accept cryptocurrency as the payment, how is it possible for them to export their commodities without attracting unwanted attention?

Iran has been selling crude oil to China. This is not a secret

Yeah for all it's land territory and natural resources China was not blessed with dino juice. This is one of the reasons why despite Stalin being very powerful after WW2 there was very little conflict between USSR and China. They chose to keep the trade going on their "internal" border and exert influences on their external border. Iran has the oil, China has the semiconductors and the tech - Russia will just work as a nice envoy between the 2 haha.

[deisik]

Yeah for all it's land territory and natural resources China was not blessed with dino juice. This is one of the reasons why despite Stalin being very powerful after WW2 there was very little conflict between USSR and China. They chose to keep the trade going on their "internal" border and exert influences on their external border. Iran has the oil, China has the semiconductors and the tech - Russia will just work as a nice envoy between the 2 haha

I don't really think China needs Russia (so much)

Either as an envoy or otherwise, nice or nasty. On the other hand, China has been a long partner of Iran, at least since the Islamic revolution (1979). That largely explains why it has been ignoring American sanctions against this country. With China massively backing up Iran, the latter is not as isolated as the American establishment would want it to be

Now add to the mix the new digital yuan (with a Chinese regional currency in mind), and ask yourself whether Iran will need the US Dollar in the first place. The bottom line is that they probably lost a few billion dollars frozen (or whatever), but that's pretty much all

[erikoy]

Well china had already expressing to use the cryptocurrency of their own for the community consumption. Central banks in every country are also aiming to create their own cryptocurrency but it is different from what we used to like bitcoin because their coins are decentralized and being control by the government which opposes the way that bitcoin was created as a decentralize cryptocurrency.

[redsun114]

If you could make this work in Iran there is really nothing that could stop other nations trying to do the same thing as well. After all, what do other nations gain from having dollars over bitcoin? They are paying extra tax as well to that nation too, and company from that nation would rather get more money instead of paying taxes as well.

So, if Iran deal works what we could see in the future would be companies (not huge ones because that would be obvious) sending some items for free as a "gift" while getting paid in bitcoin, which would allow everyone to avoid taxes that is super high in those nations while still being able to do business thanks to bitcoin. I don't know if it will be easy but this Iran deal would definitely make it a lot more possible for smaller companies.

[Golftech]

I think bitcoin is the best thing that ever happen in history of mankind, because bitcoin give freedom from the fiat controlled economy and manipulations. Most the dollar is use as a weapon to oppress some economy but with the bitcoin every economy will be eventually free and achieve their goals with out fear of being manipulated and oppressed.

If being wisely used that will happen. Bitcoin as freedom will be a sweet success for the creator of this system knowing that people
may able to use this currency without worrying, there's no manipulation and freely holds your fund inside your own wallet. That's
how things should be, time can only dictate if things will be seen as it should be but in case, it's really a fulfilling success.

[Mauser]

Well china had already expressing to use the cryptocurrency of their own for the community consumption. Central banks in every country are also aiming to create their own cryptocurrency but it is different from what we used to like bitcoin because their coins are decentralized and being control by the government which opposes the way that bitcoin was created as a decentralize cryptocurrency.

I agree, many countries around the world are trying to get into the crypto world. Iran is just another one added to that list. Trying to reduce your dependency on the USD is a good thing in my opinion, especially if you are getting embargoed that country. There is probably only upsides for Iran. Better to join the crypto world than to fight it.

[Kez1817]

It's a positive news that Iran accepting cryptocurrencies as their alternative for US dollar. Iran might be an example so that other country will also accept and patronize cryptocurrency. Hassle free and there's no manipulation.

[TopT3ns]

It's a positive news that Iran accepting cryptocurrencies as their alternative for US dollar. Iran might be an example so that other country will also accept and patronize cryptocurrency. Hassle free and there's no manipulation.

well, I really agree with what you say because by using cryptocurrency transactions between countries become easier and of course that way will make transactions faster and more efficient and very clear bookkeeping will be the superior value of cryptocurrency, hopefully more and more countries will accept payments using cryptocurrency and can have a good impact on the price movements of all coins on the exchange.

[pankowri]

Due to the sanctions by USA for prohibiting Iran to use USD in international trade, Iran has accepted the use of cryptocurrencies. I am not sure what the right way is to handle Iran but blocking Iran will only make Iran more motivated to use other sources like cryptocurrencies.

What will the next move us USA you think?

Read this article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies

In the contemporary world, it is a matter of control on their own which means they have the power and they are exercising it to a weak one. Mostly it happens from a superpower country. The USA is trying to make a block in the middle east and the main problem is here to get a counter from Iran. That's why they are trying to stop Iran in many ways. This is one of them and it will continue. That's why Iran is doing many things to counter and accepting crypto currency is needed to avoid us dollar.

[The Sceptical Chymist]

The USA has been the largest bully of them all in contemporary times although in a much subtle way compared to China.

I'm an American, and I wouldn't dispute the above statement--and the US has been a global bully for many years unfortunately.  It's sad that our government takes all the actions it does, from military intimidation to trade sanctions, but there's very little the average citizen can do to stop them from doing all of that--just like trying to eliminate the death penalty.  Change takes place at a snail's pace.

As far as Iran's plight goes, things may change if Biden wins the election (which looks pretty likely at the moment).  I get the sense that he'll try to undo a lot of what Trump did during his shameful four years as president, so hopefully the US's relations with countries like Iran, China, and others will improve.  I have my fingers crossed that this is the case.

[DooMAD]

As far as Iran's plight goes, things may change if Biden wins the election (which looks pretty likely at the moment).  I get the sense that he'll try to undo a lot of what Trump did during his shameful four years as president, so hopefully the US's relations with countries like Iran, China, and others will improve.  I have my fingers crossed that this is the case.

Unless I'm remembering incorrectly, I'm sure some of the sanctions on Iran were introduced during Obama's terms in office.  It's not just a Trump thing, reprehensible though he is. 

That said, I'm also reading that Obama withdrew a whole bunch of sanctions as well.  Hopefully you're right and Biden will do something similar.

[Dragonfund]

Don't hate the message but you may hate the messenger if necessary. Trump made mistake by making attack on Iranian high profile person, ally turn enemy and now they want to d9 anything to cut away from US economy. Cryptocurrency adoption is win for everyone but making an individual mistake for everyone is really bad. There are thousands of Iranian living in America in a symbiotic relationship.

China and US trade war has always been something of discussion but because of mutual benefit they both enjoy, they always come in good terms. This happens with OPEC too.

[STT]

I thought at the start of 2020 before the giant pandemic distraction that Trump was about to act heavily against crypto in some tax or possibly harsher action.    That might explain the Biden likely result timing with BTC rising alot at the moment right now, could just be coincidence.   I think this Iran story and the desire to control capital flows via the dollar would explain the possibility of action against crypto but its part of the wider story that backing such as oil sold in dollars is fairly vital part of the global reserve system staying with dollar.    
   At this moment in time I dont believe crypto is large enough to float Iran as a state in its various trading deficits or surplus, they have giant amounts of oil and that'll be the first recourse for alternatives to FIAT.

[SquallLeonhart]

I thought at the start of 2020 before the giant pandemic distraction that Trump was about to act heavily against crypto in some tax or possibly harsher action.    That might explain the Biden likely result timing with BTC rising alot at the moment right now, could just be coincidence.   I think this Iran story and the desire to control capital flows via the dollar would explain the possibility of action against crypto but its part of the wider story that backing such as oil sold in dollars is fairly vital part of the global reserve system staying with dollar.    
   At this moment in time I dont believe crypto is large enough to float Iran as a state in its various trading deficits or surplus, they have giant amounts of oil and that'll be the first recourse for alternatives to FIAT.

I believe the fact that Biden will be giving a lot more money to regular people versus companies is the main reason why bitcoin might have gone up. If you saw it clearly, price wasn't going all that great when it was Trump that looked to be winning, the moment Michigan changed and some places showed that it is possible to turn to Biden, bitcoin started to go up which I assume is the main reason.

Biden will be giving a bit more money to people compared to Trump, obviously we still have lame duck period where we don't know what will happen but the moment Biden becomes the president we are going to see a stimulus check that will be painted towards people and not companies and a bigger check versus Trump that will have smaller stimulus package that is filled with paying huge corporations and very tiny to regular people.

[BuNga_cute]

The United States may provide sanctions to Iran by prohibiting the use of USD for international trade, but the existence of cryptocurrency
allows Iran to continue to conduct international trade. Because cryptocurrency cannot be controlled and is neutral, it does not take sides.
And the American government cannot do anything to stop Iran from using cryptocurrency, I'm glad that cryptocurrency can save Iran.
In this way it can avoid economic pressure from America, because now there is no need to rely on the USD. It turns out that cryptocurrency
can provide freedom to the countries that adopt it.

[DrG]

The USA has been the largest bully of them all in contemporary times although in a much subtle way compared to China.

I'm an American, and I wouldn't dispute the above statement--and the US has been a global bully for many years unfortunately.  It's sad that our government takes all the actions it does, from military intimidation to trade sanctions, but there's very little the average citizen can do to stop them from doing all of that--just like trying to eliminate the death penalty.  Change takes place at a snail's pace.

As far as Iran's plight goes, things may change if Biden wins the election (which looks pretty likely at the moment).  I get the sense that he'll try to undo a lot of what Trump did during his shameful four years as president, so hopefully the US's relations with countries like Iran, China, and others will improve.  I have my fingers crossed that this is the case.

When China invades Taiwan, if the US looks the other way then relations will improve. You think Trump did the trade war for no reason? WW3 has started. India, Taiwan, Japan, S. Korea, Philippines and Australia know who the enemy is in their territorial waters. If Biden looks the other way as did Clinton, Bush, Obama then China will play nice with the US while holding stacks of USD reserve. Considering Joe was the one who announced the $535 million Solyndra free money grab I doubt he has the acuity to counter China.

[7788bitcoin]

Biden will be giving a bit more money to people compared to Trump, obviously we still have lame duck period where we don't know what will happen but the moment Biden becomes the president we are going to see a stimulus check that will be painted towards people and not companies and a bigger check versus Trump that will have smaller stimulus package that is filled with paying huge corporations and very tiny to regular people.

So they will be printing out more money and will we be seeing a situation where the inflation gets out of hand and the entire economy crumbles. Handing out money will not solve any problem, they need to create jobs and business if they are looking to sustain. I am not following the policies each of these candidates follow but i think Biden is not corporate friendly and that too can have an impact in the long term.