The U.S Sanction on Iran
The American President, Donald Trump made an announcement earlier this year. He made it known that it will reinforce economic sanctions on Iran.
The impact of this sanction on Iran’s currency, the Rial, is quite enormous. The sanction saw its value crashing through the proverbial floor.
This has driven the Iranian authorities to start exploring alternatives.
Based on the most recent interview granted by the head of the country’s Civil Defense Organisation, Brigadier General Gholamreza Jalali, cryptocurrencies are being seen as a way around.
Jalali made it known in the interview that:
“Iran faced problems with the SWIFT system that’s used to underpin most international money and security transfers.”
He further stated that:
“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”,
He also stated that:
“cryptocurrencies can help bypass certain sanctions through untraceable banking operations”.
Going by his statement, it looks like the country is already set on having its own national crypto at all cost.
