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Iran in talks with eight countries for use of cryptocurrency in financial transactions

Iran in talks with 8 countries for use of cryptocurrency in financial transactions

According to Mohammad-Reza Modoudi, the acting head of Trade Promotion Organization (TPO), Iran is exploring various options of financial operations to bypass the economic sanctions of the United States.

In an interview with Iranian news Agency Tashim, Modoudi said:

"Representatives from France, Switzerland, South Africa, UK, Russia, Germany, Austria, and Bosnia arrived in Iran for talks on the issue. I hope that we will be able to attract foreign investors to Iran".

In November 2018, USA announced severe economic sanctions against Iran, thereby cutting off the rest of the world from the local market of oil, gas and shipping. Cooperation with Iran continued, only eight above-mentioned countries. This was the second strike on the Iranian financial system: in may of the same year, the United States imposed sanctions on the national currency, the aviation industry and other sectors of Iran.

Measures against the Iranian financial system, have already begun to cause damage to international calculations. The global banking network, the U.S. refuses to cooperate with the Central Bank of Iran, leaving the country and its citizens in limbo. With regard to the cryptocurrency space, then such large exchange like Bittrex and Binance, unofficially removed Iran from the list of countries that can count on the provision of services.

Due to these reasons Iran third largest oil supplier in the world, hopes to crypto-currencies, which can offset the loss of income from the sale of oil. From mid-2018 Iran is engaged in research and development of its own cryptocurrency, which is likely to be associated with rial.

Currently, the Central Bank of Iran (CBI) is working on a project called "Version 0.0", devoted on regulating cryptocurrencies. As informs television channel "Al Jazeera", recently Iran has lifted a ban on the cryptocurrencies, but left some restrictions on the use of digital assets within the country.

The Bank stated that the project aimed at organizing and defining the boundaries of the actual crypto operations in the country, will allow traders to plan their future. The Central Bank of Iran has recognized and approved the use of different virtual currencies, permitted ICO, create cryptocurrency wallets and to use the services of cryptocurrency trading platforms.

However, the Bank also stressed that in the country it is forbidden to use the global cryptocurrency as a payment instrument. In addition, Iranians are forbidden to store large amounts of cryptocurrency, as well as conventional money amounting to more 10 thousand euros.

Trader Perhman Azhdarpour reported "Al-Jazeera":

"The ban on the use of cryptocurrencies, internationally recognized as a payment instrument can adversely affect the work of traders, like me."

According to the Iranian Blockchain Association, daily trading volume of bitcoin in Iran is $ 10 million.

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