Saturday, February 29, 2020

Iranian leader urges the country to use crypto to evade sanctions

 



An Iranian commander has called on the country to seek more unique ways to bypass the several sanctions imposed against it. The general cited cryptocurrencies as one ideal solution at a time when the sanctions have crippled the economy and are forcing the country into a recession.

Saeed Muhammad, a commander of the Islamic Revolutionary Guard Corps, was addressing a crowd recently, reported local crypto outlet Coinit.ir. The general criticized the stand taken by the American government, saying that it has been trying to impede the livelihoods of the Iranians and block its development.

For a solution, he suggested, "We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships in other countries."

Iran has long been looking at using cryptos to evade the sanctions by the U.S government. For decades now, the country has been at loggerheads with the U.S especially regarding its nuclear programs. However, things took a turn for the worse after Donald Trump became president, imposing tougher sanctions as he seeks to force the Middle Eastern country to renegotiate its nuclear deal with the U.S.

Iran's president Hassan Rouhani called on all Muslim nations to unite and build a crypto that would rival the U.S dollar. In an event in December last year held in Malaysia, the president described the U.S as a bully and urged his fellow Muslim leaders to unite against it. By creating and using their own crypto, Muslim nations could be able to finally stand up against the U.S, he stated. Other Muslim leaders supported his call, including the presidents of Malaysia and Turkey.

The Iranian government has also sought to support existing cryptos by enabling crypto mining in the country. Iran has very affordable electricity which has attracted miners in their numbers. To bring the industry under control, the government legalized crypto mining last year. A month ago, it also issued licenses to over 1,000 miners.

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