Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n
This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n
Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7165,"post_author":"7","post_date":"2022-09-17 17:34:46","post_date_gmt":"2022-09-17 07:34:46","post_content":"\n Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the country\u2019s involvement in the global economy. <\/p>\n\n\n\n Iran has faced several financial sanctions that restricted its participation in the global economy for many years. Their renewed interest in cryptocurrency is surprising despite Iran\u2019s central bank\u2019s ban on trading crypto in 2019<\/a>. The ban came due to the vast amount of power mining cryptocurrencies consume, resulting in widespread blackouts<\/a>. Yet, with prevailing sanctions from the United States, the Trade Ministry resolved to renew interest in cryptocurrency to conduct business transactions in the country.<\/p>\n\n\n\n Earlier in the year, Iran announced that it allowed local businesses to use cryptocurrencies to settle cross-border transactions. The former Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, spoke on the opportunities this new trading system will positively impact Iran\u2019s economy. He said: \"All economic actors can use these cryptocurrencies. Since the cryptocurrency market is on credit, our economic actors can easily use it wisely.\u201d<\/p>\n\n\n\n The joint action of the Central Bank of Iran and the Ministry of Trade to fully adopt cryptocurrency began in August 2022. Reports<\/a> claim that a $10 million order was settled using crypto. The new Minister of Trade, Reza Farami Amin, reports that the ministry recently approved regulations regarding cryptocurrency trade.<\/p>\n\n\n\n This new strategy increases economic activities for local and international businesses in Iran. The effectiveness of this new trade strategy is still a question since most countries do not consider crypto as an official payment method. <\/p>\n\n\n\n Finally, Iran has two choices. Iranian companies can use proxy companies to convert crypto into fiat for other countries that are \u201ccrypto-friendly.\u201d They can also choose to trade with countries that do business in crypto, like China, Russia, and Turkey.<\/p>\n\n\n\n See Related:<\/em><\/strong> Coinbase Is Funding a Lawsuit Against The US Treasury Over Tornado Cash Sanctions<\/a><\/p>\n","post_title":"Iran Adopts Crypto For Foreign Trade To Bypass Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-adopts-crypto-for-foreign-trade-to-bypass-sanctions","to_ping":"","pinged":"","post_modified":"2022-09-17 17:37:29","post_modified_gmt":"2022-09-17 07:37:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7165","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed “Crypto Rial”. Central Bank ... Iran is one of the first countries to adopt cryptocurrency for foreign trade after recent financial sanctions have impeded the ...
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Iran
Iran Set To Launch Its CBDC, Crypto Rial
Iran Adopts Crypto For Foreign Trade To Bypass Sanctions
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