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Iranian generals call for the use of cryptocurrencies to evade U.S. sanctions

    Iranian generals call for the use of cryptocurrencies to evade U.S. sanctions

    This week, an Iranian general called on the country to implement a unique measure to counter US sanctions.

    Saeed Muhammad, the commander of the Islamic Revolutionary Guards, has called on Iran to use cryptocurrency to evade economic sanctions. By channel Telegram of Coinit.ir – an Iran-based crypto news organization, the senior general spoke to a crowd on February 26 (translated from Farsi):

    "We need to create a more sophisticated mechanism to overcome sanctions. To avoid sanctions, we must develop solutions such as exchanging products and using cryptocurrencies with our partners in other countries. "

    The impact of sanctions on Iranian citizens

    The people of Iran have seen their currency drop significantly after sanctions imposed by the Trump administration, after the United States withdrew from the Joint Comprehensive Plan of Action (JCPOA) in 2018.

    Sanctions have effectively removed Iran from international investments and trade, and the use of cryptocurrencies has increased since then as a way to circumvent sanctions. Bitcoin was described in the interview as being in the only ways to make money at home and abroad.

    Iranian President Hassan Rouhani's government has vowed to launch a national cryptocurrency in 2018. Recently, the Iranian Ministry of Industry, Mining, and Trade has issued more than 1,000 cryptocurrency mining licenses for domestic company.

    Earlier this week, the Intergovernmental Financial Task Force added to the blacklist how the country failed to comply with counterterrorism financing requirements.

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    According to CoinTelegraph
    Translated by ToiYeuBitcoin

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