Iranian Armed Forces Branch Commander Looks To Use Crypto To Avoid US Sanctions
- Iran should focus on cryptocurrencies as sanctions cripple the economy, Iranian general says.
- Bitcoin remains a popular choice in the country, as authorities promote crypto adoption.
A report from Coinit.ir, a Farsi website in Iran, was posted on Telegram earlier on Wednesday causing rumbles in the cryptocurrency field as a top general called for the adoption of digital assets in trade and finance to circumvent sanctions.
Commander of the Islamic Revolutionary Guard Corps, Sepâh, which operates under the Iranian Armed Forces, Saeed Muhammad, called on to the government and its citizens to promote cryptocurrencies in a bid to bolster foreign investment, trade efficiently and lessen the burden of sanctions on its economy.
The general believes the country should work towards launching its digital asset to improve global trade with other countries. He spoke in an interview stating,
“We are demanding the creation of a more sophisticated mechanism (a commodities exchange) to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships [in other countries].”
Iran has suffered a lot in the hands of U.S sanctions and the world's richest economy starves the Middle East country’s economy off its dollars.
Iran making steps to a digitized economy?
Iran has been one of the top countries in accepting cryptocurrencies and mining of the tokens in a bid to increase opportunities for their people. In August last year, the crypto bill was amended allowing users to carry out legalized mining in the country despite crypto transactions remaining unlawful. So far over 1000 crypto miners have been offered licenses of operation from the Ministry of industries, mining, and trade.
Furthermore, tax authorities in Iran announced tax breaks for the crypto miners encouraging the miners to bring back their mining tools and skills home.