A recent report by crypto publication Cointelegraph, reported that the Iran was close to unveiling her very own state backed crypto-currency. A fresh report from the same publication says that Iran has held closed-door meetings with 8 countries over the possibility of trading in crypto-currency.
According to the Jan 28 report, Iran has already held discussions and entered negotiations with South Africa, Russia, Germany, Bosnia, Austria, United Kingdom, France and Switzerland. Representatives from these countries have reportedly been to Tehran to further these discussions.
It may not be clear whether the talks held centered Iran’s planned state-backed crypto-currency, but we do know that the talks were about going around the US imposed sanctions that led to talk of a state-backed crypto in the first place.
The transition from the Obama to the Trump presidency in 2016 saw Iranian sanctions that had been loosened by the former’s administration a year earlier, tightened once again inorder to reduce America’s dependence on Iranian oil.
The US administration went ahead to issue warnings against anyone who violated Iran sanctions, with the threat of dire consequences. A Huawei senior executive was singled out as an example of what non-compliance would lead to, after she was arrested and charged for violating said sanctions.
As was reported earlier, Iran could unveil her state-backed crypto at the Electronic Banking and Payment Systems Conference in Tehran which will take place in February; despite threats that the said crypto could face sanctions as well through an act of the US Congress.
Iran is one among a host of countries, who are increasingly looking at crypto and the Blockchain, as a get-out-of-jail route, as they pursue freedom from Western sanctions. Venezuela is another country riding the same boat but finding it rather difficult to navigate the murky economic waters.
Methinks it’s only a matter of time until a lot more countries look to Blockchain and cryptos for financial freedom.
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