NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

MP Suggests Iran and Russia Use Cryptocurrencies to Combat U.S. Economic Sanctions

newsbtc
newsbtc
7 years ago
3 mins read
Iran

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

An Iranian parliament member has suggested that digital currencies be used in attempts to work around returning economic sanctions from the United States.

Iran and Digital Currencies

The idea was brought forth by MP Mohammad-Reza Pourebrahimi who recently met with Dmitry Mezentsev, the Russian Chair of the Federation Council Committee on Economic Policy, in Moscow.

Pourebrahimi was quoted as saying that digital currencies could provide a way for Iran and Russia to avoid U.S. dollar transactions, and that the coins could even be used as a replacement for the SWIFT inter-bank payment system — a protocol used by the majority of financial institutions across the globe to transfer money.

Pourebrahimi also said that the Central Bank of Iran (CBI) had been asked by Parliament to start developing proposals for using digital currencies. Similar to the way that digital currencies can help citizens under oppressive and unstable regimes, they can also help sovereign governments bypass sanctions enforced by foreign powers.

The MP, who chairs the Iranian Parliamentary Commission for Economic Affairs, said he had discussed this topic in the State Duma’s Committee on Economic Policy and that Iran had established cooperation with Russia on the issue.

“They [Russia] share our opinion. We said that if we manage to move this work forward, then we will be the first countries that use digital currencies in the exchange of goods,” he said.

In relation, Russia’s Mezentsev noted that “interbank relations between our countries should be of great importance” considering the shared backdrop of international sanctions currently in place against both countries.

Using Digital Currencies to Fight Sanctions

The idea to use digital currencies in international trade emerged in Tehran after the country’s officials complained that the U.S. was “terrorizing” companies attempting to do business with the Islamic Republic. Because of recent moves by President Trump, Iranian’s are also seeing European companies restrict trade over fears that they will fall afoul of the sanctions.

In anticipation, Iran started developing a local cryptocurrency in 2017, which was launched earlier this month — echoing moves by the similarly sanctioned South American country Venezuela, who released the state-issued “Petro” earlier this year.

Priscilla Moriuchi, director of strategic threat development at fintech company Recorded Future, said she is skeptical about the Petro’s success and feels the same way about Iran’s experimental cryptocurrency:

“The Petro will struggle to be exchangeable for hard currencies such as the dollar or the euro and this will limit its appeal to investors and users. Iran is likely to experience some of the same hurdles if it decides to create its own oil-backed cryptocurrency,” she said.

More recently, over $2.5 billion has left the country through digital currencies, according to Pourebrahimi. This is despite the fact that Iran “banned” Bitcoin trading in April of this year — although it is still possible to purchase coins if users utilize “mixers” to hide the origin and destination of transactions.

 

Image from Shutterstock
Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 3

  1. Jared Odulio says:
    7 years ago

    US Sanctions? What US Sanctions?

    Reply
  2. LucSr says:
    7 years ago

    They shall sell their patro in bitcoin. Using a state’s fiat, whatever USD or CNY, for energy transaction is to help that state’s imbalance power and wealth inequality because a state can print their fiat to lure real resource.

    Reply
  3. Brian Stump says:
    7 years ago

    Good way for Iran and Russia to isolate themselves more. I would think the risks would be too immense.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 3

  1. Jared Odulio says:
    7 years ago

    US Sanctions? What US Sanctions?

    Reply
  2. LucSr says:
    7 years ago

    They shall sell their patro in bitcoin. Using a state’s fiat, whatever USD or CNY, for energy transaction is to help that state’s imbalance power and wealth inequality because a state can print their fiat to lure real resource.

    Reply
  3. Brian Stump says:
    7 years ago

    Good way for Iran and Russia to isolate themselves more. I would think the risks would be too immense.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Crypto ETF

$1.7 Trillion Firm T. Rowe Price Seeks Approval For Crypto ETF Linked To Multiple Tokens

According to a Reuters report, global asset management firm T. Rowe Price, with $1.7 trillion in assets under management (AuM),...

Ronaldo Marquez 19 hours ago
bitcoin

Bitcoin’s Next Bull Phase Could Be Near As BTC-Stablecoin Ratio Plummets

As Bitcoin (BTC) continues to trade in the high $100,000 range following the October 9 crypto market crash, some bullish...

Ash Tiwari 1 day ago

Blockchain.com Valuta la Quotazione in Borsa Tramite SPAC. Segnale Positivo per il Mercato Crypto? Di Seguito Le Migliori Crypto del Momento.

Fondata nel 2011, Blockchain.com è una delle piattaforme crypto più longeve, con servizi di wallet, trading e custodia per milioni...

Orfeo Barone 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Stays Steady Above Realized Value – Can Fresh Liquidity Fuel The Next Breakout?

Ash Tiwari 2 hours ago
Bitcoin

16,000 Ancient Bitcoins Just Moved—And It’s Costing Whales Billions

Christian Encila 13 hours ago
Bitcoin

You’ve Been Misled! The 4-Year Bitcoin Cycle Doesn’t Actually Exist—Expert

Christian Encila 18 hours ago

Premium Sponsors

Press Releases

  • イーサリアム 今後 の価格予測:5,000ドルを突破できるのか、それとも投資家はより速い銘柄へ動くのか

    イーサリアム 今後...

    11 hours ago
  • ビットコイン 今後 の価格動向:FRB会議後に10万8,000ドルへ下落、再び暴落か新高値か?

    ビットコイン 今後...

    11 hours ago
  • シバコイン 今後 の展望:保有者数は増加も、サポート水準の防衛に苦戦

    シバコイン 今後...

    12 hours ago
  • パイネットワーク 価格 の見通し:取引所での需要増加により、トライアングル上抜けの兆し

    パイネットワーク 価格...

    12 hours ago
  • ドージコイン 今後 の価格動向:24時間でわずか1%下落、反転の兆しは見えるか?

    ドージコイン 今後...

    12 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.