Iran Avoiding USA Sanctions

Maja Mazur
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Iran is still suffering from the USA sanctions that were established last year. Apart from working on its own Iranian cryptocurrency, Iran has also invited representatives from eight countries to discuss cryptocurrency transactions.

The repercussions

Since 2018, Iran’s cryptocurrency industry has not been the same. Not only have cryptocurrencies been banned by the local banks in order to prevent money laundering, but also new problem has emerged. United States has established strict economic sanctions against Iran. The oil and gas shipping from Iran to other countries was prohibited except only 8 destinations. The country’s financial system has been hit hard by this sanction, which obviously required taking measures to prevent an economic crisis.

Along with Russia, in the past Iran tried to avoid the sanctions. Turning to cryptocurrencies as the last resort, new regulations were necessary.

Fighting the sanctions with crypto

According to a local media outlet, Iran has issued a draft on cryptocurrency regulations in the country, lifting the previous ban. It looks like the country is counting on fighting the USA sanctions in its own way, with the crypto industry’s help. Recently, we have informed that Iran is about to release its own national cryptocurrency. Along with the new regulations, it may be the breakout all Iranians are waiting for.

International negotiations

But as Iran is exploring a lot of various options, also outside of the country, the cooperation with others is vital. Representatives from England, Russia, South Africa, Austria, Switzerland, France, Germany and Bosnia and Herzegovina have recently visited Iran to discuss cryptocurrency transaction issues between all of the countries involved. As soon as Iran is done regulating its own crypto industry, it’s more than possible that the expansion will proceed abroad.

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