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Crypto in Iran attempt to escape from economic sanctions

2019-07-15 03:03 pm | Resource: News Section | No Views : 65

Crypto in Iran attempt to escape from economic sanctions Many countries around the world have joined the new Crypto market, either fully or partially. China, Russia and Iran have released news on the local digital currency industry, either because of positive adoption or because of the integration of technology inherent in their use cases.
Among the countries that followed the latter track is Iran, which, after 40 years of US sanctions, developed its own blockchain technology to build a new financial infrastructure immune to Washington rules and regulations.
A recent report by the Foundation for the Defense of Democracies, "Cryptographic Codes: American State Defenders Who Struggle Against Sanctions," explained how the state-sanctioned state adopted a digital currency.
Ali Devandry, president of the Central Bank's Monetary and Banking Research Institute, said earlier that blockchain technology "can revolutionize the concept of money."
The report talked about how there were hints about how the country was immersed in the digital currency again in 2017. The speculation was linked to the formation of a collaboration with Brave New World Investments, a blockchain-based Swedish company charged with facilitating European investment in Iran through Bitcoin.
The company said in a statement:
"The company got Bitcoin coins from investors and planned to convert them into Iranian rials to buy shares of local companies on the Tehran Stock Exchange, but Swedish banks refused to allow Brave New World to open accounts due to fears of secondary sanctions from US financial authorities. Brave New World to suspend its Iranian investment plans after the Central Bank of Iran (CI) banned the circulation of the digital currency for a period of time.
Despite the roadblock, the Iranian Central Bank continued to invest in the Sharif University of Technology to establish Iran laboratories around Crypto. In general, the initiative is a step taken to create an acceptance environment for encryption by using it to educate people about how it works.
Iran was also in the news recently, when reports came that Chinese Crypto mining companies were moving to the West Asian country because of the political measures taken by the Chinese government.

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