Russia and Iran are thinking about using a cryptocurrency to bypass US sanctions

In late March, the American stock exchange Bitfinex announcedthat it did not intend to start trading cryptocurrency Venezuelan El Petro. According to the representative site, the token can be used by the government to bypass U.S. sanctions.

Now the opportunity to trade with American companies to bypass sanctions became interested in Russia and Iran — the government will jointly develop the cryptocurrency, which will allow you to bypass restrictions. This writes the CCN.

How to use cryptocurrency

The intention to develop a national cryptocurrency announced the Central Bank of Iran. According to the regulator, the digital money will allow you to refuse payment in dollars and will become an alternative system of interbank transfers SWIFT.

The last year or two rises an important question about the use of cryptocurrencies. This is one of the good ways to bypass use of the dollar and replacement of the SWIFT system. We ordered the Central Bank in Iran that they have already begun to develop proposals for the use of cryptocurrency.

According to the head of the Central Bank Mohammad Reza’s Parabrahma, the Agency is negotiating with Russia about the creation of the cryptocurrency. Partnersupports the position of Iran, he said.

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