The Iranian Brigadier General Gholam Reza Jalali’s thoughts about how cryptocurrencies can be the right tool to evade financial sanctions are in our crypto news today. He also spoke about how cryptocurrencies are a great opportunity for Teheran since it is trying to develop a state-cryptocurrency.
The Mehr news agency reported that Jalali told on an interview on Monday that ‘’cryptocurrencies can help bypass certain sanctions through untraceable banking operations.’’
By using cryptocurrencies, Iran will likely become less dependent on the US dollar-based payment methods which are dominated by the SWIFT method globally. It’s important to know that Donald Trump announced that he plans to put up sanctions against Teheran which will bring the national cryptocurrency in an all-time low.
The senior Iranian official noted:
“Our major problem here is the US dollar because the United States uses its national currency to control any country’s SWIFT operations, so we should reduce dependence on the dollar and replace it with another currency.’’
Iran discussed with Russia to cooperate and use cryptocurrencies in bilateral trade. The Iranian Parliamentary Commission of Economic Affairs believes that Russia shares opinions and interest with the Iranian government.
Iran’s plan is to develop a national cryptocurrency since the minister of Information and Communications Technology already confirmed that there is an experimental model of such a project.
Also, Iran’s Informatics Services Corporation revealed that the cryptocurrency is backed by the Iranian Rial and that is developed on the blockchain framework initially developed by IBM.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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