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

[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.