Iran Crypto Community Turns to Blockchain as US Sanctions Gets in the Way of Humanitarian Needs
The current tensions between the US and Iran is making humanitarian aid proceeds almost impossible to reach the country according to the Iranian Red Crescent Society (IRCS).
Following the flooding disaster in Iran, which left over two million people in the country devastated, members of the Iran crypto community have come together to launch the IranRescueBit.
Iran crypto community launches IranRescueBit blockchain platform to circumnavigate US sanctions and provide humanitarian need to flood victims (Photo: IranRescueBit)
IranRescueBit is a blockchain based platform that allows users to make aid donations in cryptocurrency to aid the flooding destructions as global politics continues to interfere with the humanitarian needs.
US sanctions a barrier to humanitarian needs
Following the unilateral withdrawal of the US from the nuclear agreement with Iran, Donald Trump placed sanctions on the country – killing off SWIFT payments to the country’s banks.
IRCS Chief Ali Asghar Preyvandi said the sanctions had interfered with the non-governmental organization operations as banking accounts could no longer accept donations to the humanitarian community.
The floods that occurred this spring, left over 78 people dead and millions of dollars’ worth of property destroyed. Asghar further remarked,
“We employed a number of bank accounts connected to SWIFT, which we used for receiving international aid. But at the moment, these accounts are subject to sanctions.”
The lack of a banking avenue to raise cash for Iranians suffering, pushed the crypto community towards the creation of IranRescueBit. The government will not take any role in the project.
‘Anonymous and decentralized’
Unlike the legacy global financial transfer system, blockchains are peer to peer, which removes the need for third parties (like SWIFT) to confirm the transactions. The IranRescueBit, will raise donations from well-wishers for the next one month before selling the proceeds to obtain Iranian rials.
IranRescuebit executive director Hamed Salehi spoke in an interview claiming the decentralized and anonymous nature of blockchains will help avert the current humanitarian crisis. He further remarks,
“We hope that IranRescueBit can turn into a platform that could be employed either by the community or by the IRCS should the need ever arise again in the future.”
The donations will be used to provide suffering citizens with tents, drinking water, food, blankets and other essential appliances.