Iran accepting cryptocurrencies to avoid US Dollar

[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.

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[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.