Russia and Iran May Use Cryptocurrency Transactions To Avoid US Sanctions

The main motive of the introduction of the virtual currencies has been able to help people gain more freedom and independence. When it comes to virtual currencies, people were able to truly own their funds.

However, some countries have sanctions imposed on them by the USA and many European nations. The countries like Russia, Iran, and Venezuela, have been developing cryptocurrencies just to avoid US sanctions and reduce USD dependence.

One of the first countries which proposed the creation of a national virtual currency was Russia. Its virtual currency, CryptoRuble, was supposed to be a virtual currency used for processing transactions, reducing costs, and speeding up international payment. The hidden agenda behind the virtual currency was to avoid any possible sanction by the US.

A similar ideology could be seen in Venezuela which proposed an oil-backed state-backed cryptocurrency called Petro. Petro has garnered quite a lot of attention all over the world being one of the first national virtual currency ICOs.

Iran is in discussions with the US about its nuclear plan. The country could very well be ready for developing its own cryptocurrency.

RBC reported.

In turn, Mezentsev noted that “interbank relations between our countries should be of great importance” against the backdrop of international sanctions currently in place against both Russia and Iran. The meeting of the interbank working group on financial and interbank cooperation will be held in Tehran on July 5 of this year.

Cryptocurrencies have helped individuals to become independent from the governments by a long shot. They have also helped multiple countries to avoid getting sanctions. Cryptocurrencies have even helped countries to get financed in the international market. Commercial activities with countries all over the world are also taken care of with the help of cryptocurrencies.

Russian Court Recognizes Cryptocurrency as Valuable as Property

Leave a Reply

Your email address will not be published. Required fields are marked *