Cryptocurrency is about to play the role of a savior during Iran’s hard times. As we are already aware, the US administration has enforced sanctions on Iran that have veered Iran’s economy down the hill. Saeed Muhammad, Commander of the Islamic Revolutionary Guard Corps, has finally devised out a solution that involves cryptocurrency in order to quell the economic unrest.
Several other Iranian officials have agreed that resorting to the employment of bitcoin as a means to evade economic sanctions can restore economic growth. To quote Saeed Muhammad,
“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].”
Desperate Times Call for Desperate Measures
Iran’s President Hassan Rouhani has also encouraged the use of cryptocurrency, particularly bitcoin for transactions. The US administration has subjected the economic state of Iran to misery. For this particular matter, the ICT guild organization is currently working to mend Iran’s crypto mining operations. This solution will hopefully be a renaissance in the wake of such distress. The withdrawal of the Joint Comprehensive Plan of Action 2018 by the US administration has loosened trade ties which the Iranians wish to restore.
Currently, Iran has been put on the blacklist for not complying with the anti-terrorism financing requirements. According to speculations, this might be one of the reasons for America to withdraw business with Iran.
The Crypto Lining in the Clouds
Cryptocurrency is relied upon because it has played multiple roles in other countries during their times of need. Iran is sincerely hoping that bringing bitcoin into the picture will finally help their degraded economic conditions to escalate. Apart from this, cryptocurrency will also help strengthen business and trade ties on an international level i.e. smoothening out of foreign trade relations. Meanwhile, Iran has been trying its best to stay afloat in its time of crisis and has been coming up with policies like the “Islamic Cryptocurrency” to help steer its economy to progress.