After the move to regulate crypto, Iran now in talks to 8 countries to use it

January 31, 2019
Chris Wheal

According to the major local daily newspaper, Tehran Times, Iran has been reportedly in talks with Switzerland, South Africa, France, the United Kingdom, Russia, Austria, Germany and Bosnia. In an attempt to surpass the U.S. economic sanctions, Iran has entered into negotiations on the use of the cryptocurrencies. At this point, it’s not immediately clear whether the talks are about the use of their upcoming sovereign cryptocurrency, or just cryptocurrencies in general.

iran flag

After the cryptocurrency has been officially legalized in the country, sources close to the Iranian government say the country might launch their cryptocurrency as soon as at the Electronic Banking and Payment Systems conference in Tehran in early February. The cryptocurrency will be pegged to the national fiat currency, rial. Additionally, it’s expected it will also serve as a local alternative to SWIFT, international wire transfer service that banned Iran from the list of countries it services.

As a matter of fact, Iran is not the only country embracing crypto in order to overcome sanctions imposed by the U.S. Take Venezuela, for example. Cryptocurrencies such as bitcoin and dash circulate around the country and are de-facto the means for locals to buy goods and services on a day-to-day basis. Additionally, the government introduced their own national cryptocurrency, Petro, supposedly backed to the national oil reserves. With the dictatorship rule the government imposes over Petro, its destiny is still not clear. However, using cryptocurrencies as a whole in order to overcome U.S. sanctions seems to be working for Venezuela.

Moreover, Russia, another country affected by the sanctions, is also reportedly considering to launch their own crypto for the Eurasian Economic Union, connecting four countries – Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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