Government of Iran Is Preparing to Adopt Bitcoin for Use Inside the Country

Monday, 30/10/2017 | 09:24 GMT by Avi Mizrahi
  • With President Trump taking a hostile approach to the Islamic Republic, is Iran preparing to bypass new sanctions with Bitcoin?
Government of Iran Is Preparing to Adopt Bitcoin for Use Inside the Country
Bloomberg

According to a high ranking official in the government of Iran, the Islamic republic is getting ready to adopt Bitcoin .

Iranian Deputy Minister of Information and Communication Technology, Amir Hossein Davaee, said in an interview with Farsi newspaper Shargh, published on Wednesday: “The ministry of communications and information technology has already conducted a number of research studies as part of efforts to prepare the infrastructure to use Bitcoin inside the country.

We as the main centre in Iran dealing with the country’s technology developments have taken very seriously the issue of preparing the infrastructure for the new currency.”

According to Iran Front Page, Davaee added that such digital infrastructure is part of the soft power of the country and that the entrance of the cryptocurrency into Iran will eventually be in the general interests of the country.

He also revealed that the government is in touch with international bodies in order to pursue this goal: “Arrangement are being made with the related organizations to put together the infrastructure as early as possible.”

Bypass sanctions?

The economy of Iran has suffered for many years from financial sanctions which have crippled the ability of local exporters and importers from working with their international counterparts and cut off its banking system from global networks.

With US President Donald Trump taking a very hostile approach to the Islamic republic, due to disagreements over the country's nuclear and ballistic missile programs, it will be no surprise if Iran is also testing how to bypass possible new financial sanctions with Bitcoin, beyond just local use.

According to a high ranking official in the government of Iran, the Islamic republic is getting ready to adopt Bitcoin .

Iranian Deputy Minister of Information and Communication Technology, Amir Hossein Davaee, said in an interview with Farsi newspaper Shargh, published on Wednesday: “The ministry of communications and information technology has already conducted a number of research studies as part of efforts to prepare the infrastructure to use Bitcoin inside the country.

We as the main centre in Iran dealing with the country’s technology developments have taken very seriously the issue of preparing the infrastructure for the new currency.”

According to Iran Front Page, Davaee added that such digital infrastructure is part of the soft power of the country and that the entrance of the cryptocurrency into Iran will eventually be in the general interests of the country.

He also revealed that the government is in touch with international bodies in order to pursue this goal: “Arrangement are being made with the related organizations to put together the infrastructure as early as possible.”

Bypass sanctions?

The economy of Iran has suffered for many years from financial sanctions which have crippled the ability of local exporters and importers from working with their international counterparts and cut off its banking system from global networks.

With US President Donald Trump taking a very hostile approach to the Islamic republic, due to disagreements over the country's nuclear and ballistic missile programs, it will be no surprise if Iran is also testing how to bypass possible new financial sanctions with Bitcoin, beyond just local use.

About the Author: Avi Mizrahi
Avi Mizrahi
  • 2728 Articles
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About the Author: Avi Mizrahi
Azi Mizrahi, expert in fintech trends and global markets, enriches readers with deep insights.
  • 2728 Articles
  • 10 Followers

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