Cryptocurrency to avoid sanctions

Cryptocurrency to avoid sanctions

Russia and Iran are planning to transact funds in cryptocurrency to avoid international sanctions

On May 17 RBC announced that Russia and Iran are planning to integrate cryptocurrency to transact between each other, in order to avoid Western sanctions.

The member or Iranian Parliamentary Commission for Economic Affairs – Mohammad Reza noticed that cryptocurrency transactions could be a useful payment method for both Russia and Iran to dodge transfers in U.S. dollar.

During the dialog with Dmitry Mezentsev, the Chair of Economic Committee, Reza said that Iranian Parliament is trying to engage central bank into the crypto usage and development. He also mentioned that Iran is ready to make a move to cooperate with Russia to exchange goods and using cryptocurrency as a payment method for those.

In return, Dmitry Mezentsev admitted that cryptocurrency could be the ‘’backbone’’ for both countries to avoid international sanctions. The meeting on interbank cooperation is planned to be held in Tehran on July 5.

Sources:

https://cointelegraph.com/news/iran-and-russia-discuss-transacting-in-crypto-to-avoid-international-sanctions

https://www.rbc.ru/crypto/news/5afd4fb69a794757df44fa3a

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