Iran accepting cryptocurrencies to avoid US Dollar

[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.

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[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.