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Page added on July 29, 2018
Iran “Preparing Ground” For National Cryptocurrency To Dodge US Sanctions
Iran has confirmed it will press ahead with creating its own state-issued cryptocurrency to circumvent incoming U.S.. sanctions, local media Press TV reported July 25.
image courtesy of CoinTelegraph
Quoted by local news media outlet ISNA and translated by PressTV, Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs, said plans for the creation of a working digital currency were already on its agenda.
“We are trying to prepare the grounds to use a domestic digital currency in the country,” Daliri told ISNA, continuing:
“This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”
Technical details about the national cryptocurrency remain unknown, while a national encrypted key for the domestic banking system could see an introduction likely within the next three months following “ironing out” of inconsistencies.
Talk of Iran releasing a national cryptocurrency had surfaced months previously as the looming return of U.S. sanctions led to increasing calls for preemptive measures.
The country’s authorities had previously come out against public cryptocurrencies such as Bitcoin(BTC), in April banning banks from dealing with them altogether.
Like Venezuela’s state-sponsored token Petro, Iran now appears to be looking to blockchain technology to circumvent challenges, including a complete ban on acquiring U.S. dollars from August.
8 Comments on "Iran “Preparing Ground” For National Cryptocurrency To Dodge US Sanctions"
Davy on Sun, 29th Jul 2018 7:53 am
Considering the internal problems Iran has with the rial, a crypto would be another level of control for the leadership there. How well it avoids sanctions is likely less the issue than other regime priorities. We can see Venezuela’s crypto is just another way for the regime to manipulate the country’s currency system and clamp down on behavior they don’t approve of.
“What’s Really Happening With Venezuela’s “El Petro?”
https://tinyurl.com/yamxannr
“Vitalik Buterin noted: “I recall the whitepaper says it doesn’t offer oil, it offers bolivars based on the oil price. On top of risk of total default, this gives them opportunity to do a partial default by manipulating the official bolivar rate, which they have a history of doing.” Clearly the Petro launch has been little more than smoke and mirrors. But perhaps the most shocking revelation of the entire debacle may be the government’s renewed crackdown on cryptocurrency miners. Early in 2017, it was reported that Maduro was taking an especially harsh stance on bitcoin miners, charging some with cybercrime, electricity theft, exchange fraud, and even funding terrorism. While his position on cryptocurrencies may have changed, it’s apparent the regime has found, not only a new use for, but a new source of crypto-mining rigs.”
twocats on Sun, 29th Jul 2018 8:43 am
agreed davy. there are now – what – dozens of cryptocurrencies and its gotta be the most volatile set of investments on the planet. why would anyone trust one issued by a country such as venezuela or iran? I suppose they could try to force it on their citizens, banks, and trading partners. let’s see if china or india accept any petros or bitrials first.
twocats on Sun, 29th Jul 2018 8:56 am
a much greater shift is happening on the futures and pricing exchanges for oil.
https://aawsat.com/english/home/article/1321731/aramco-changes-asia-crude-oil-prices-first-time-3-decades
between middle-east and shanghai pricing and futures, the ability of tiny groups in the West to control oil prices could impact power balances over time. end of dollar as reserve currency? no, not even close. making some wealthy pigs a little nervous – probably.
twocats on Sun, 29th Jul 2018 9:08 am
in the end all these subtle moves on the deck of the SS Titanic (aka Earth) are fairly meaningless. reserves are being depleted at a fast clip and yet output decline rates are accelerating. shale drilling sweet spots dwindling and the last gasp blitz might give small output increases for a year or two.
the political turmoil we are seeing globally is just a reflection of the fracturing of elite consensus as this civilization-ending tsunami rises into the sky, towering over our largest monuments. its not a coincidence – its natural providence.
Outcast_Searcher on Sun, 29th Jul 2018 1:30 pm
I’m not sure I even see the point. Trump wants more oil. Recently there was news that Iran sanctions were being “eased”.
If oil is expensive enough (i.e. in high enough demand) we will burn it, one way or another.
BobInget on Sun, 29th Jul 2018 3:39 pm
Like the Venezuelan Petro, Iran’s cyber currency should be backed by barrels of oil.
It would make sense for Iran and Venezuela to abandon their respective hyper inflated currencies and mint actual coins. Both nations under US sanctions, after-all. ‘New Petros’ could avoid banks but still be used in daly commerce, further undermining usefulness of USDs but not yuan.
China is holding at minimum, 3 trillion USD in foreign reserves.
https://en.wikipedia.org/wiki/Foreign-exchange_reserves_of_China
China really doesn’t buy much from the US..
Except……. T bills.
Should China begin trading petros instead of
in USD. There will be trouble in River City.
BobInget on Sun, 29th Jul 2018 6:20 pm
Iran’s inflation rate, currently 200%.
Venezuela’s approaching 1 million % (by year’s end)
The difference, Iran is actually exporting.
.
https://oilprice.com/Energy/Energy-General/Irans-Oil-Exports-Hit-Record-High-As-Sanctions-Loom.html
GetAVasectomyAndLetTheHumanSpecieDieGracefully on Sun, 29th Jul 2018 6:52 pm
Kill all the Arab and Persian living in the middle east. We need to stop sharing technologies like water treatment, electricity generation and let them die.
I support US action against any middle east countries and stealing their oil for white Anglo countries.
I here in Canada the main cites are loaded with shit brown skin like Arab, Persian, Indians.
The knowledge and data collection (such as steel making) is located in white Anglo countries.
If we want to preserve modernity we have to preserve whites and whites countries.
Let the culling of human population start now. Let’s start with African and Middle- East countries. They hate the white the most