Iranian Military General Proposes Using Crypto to Avoid Economic Sanctions
An Iranian general has reportedly advocated the use of cryptocurrency as a way to avoid economic sanctions.
According to a report by Farsi outlet Coinit, Saeed Muhammed, commander of the Islamic Revolutionary Guard Corps, a branch of the Iranian Armed Forces, gave a speech on Wednesday where he proposed the country using crypto-assets as a way to circumvent economic sanctions.
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].
Muhammed advocated crypto as a method for Iran to bolster its international investment in the face of heavy economic sanctions imposed by the U.S. and its allies. The Financial Action task Force (FATF), a global financial watchdog, has also added Iran to its blacklist over failure to comply with anti-terrorism financing regulations.
Despite the imposed regulation, Iran has become an active participant in the adoption of cryptocurrency. The government has been working with blockchain startups to bolster its financial infrastructure and its reported the central bank has provided funding for a related project.
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