Can Iran Leverage Crypto to Bypass Sanctions?

News / 27.02.2020

One of the concerns of crypto critics is their ability to allow people to do what they like against government regulations. A General in Iran (Saeed Muhammad) has suggested the utilization of crypto to bypass U.S. and UN sanctions.

Saeed Muhammad is the commander of the Islamic Revolutionary Guard Corps that is under the Armed Forces of Iran.

The country has been encountering sanctions from the United States over a long period, thereby disallowing her from participating in international trade. Due to the decentralization feature of cryptocurrencies, the country can find them easy for international trade.

Local reports have it that the General noted the need for the country to come up with solutions like the exchange of products as well as the utilization of crypto with her partners in other nations, towards circumventing sanctions.

Iran is one of several countries trying to utilize cryptos to bypass sanctions and engage in international trade. North Korea has been accused of utilizing cryptocurrency to fund its ballistic missile programs and to carry out international trade.

A conference on cryptocurrency and blockchain took place in North Korea to discuss the approach to avoid US sanctions. A former ETH researcher was arrested by United States law enforcement because he attended the conference in North Korea.

Likewise, Venezuela has experimented with cryptos to evade sanctions.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.