General of Iran Told To Use Cryptocurrency To Bypass USA Sanctions on the Country
Recently, The General of Iran told the nation to use the cryptocurrency in order to bypass the USA sanctions on the country, reported on 27 February 2020.
According to the report, the commander of the Islamic Revolutionary Guard Corps, Saeed Muhammad told Iran to use cryptocurrencies to bypass the economic sanctions on the nation enforced by the USA.
The report says that news came through the Tegram Channel of an Iran news agency Coinit.ir which reports that the general addressed a crowd on 26 February. See the translated text below:
“We are demanding the creation of a more sophisticated mechanism 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].”
Basically, Iran is suffering from doing foreign trades due to the USA sanctions and they usually trying cryptocurrencies like bitcoin to bypass the sanctions.
Last year, the Iranian government will offer bounty programs to those who find illegal and unauthorized cryptocurrency mining operations in the country.
In the past, Iran allows bitcoin mining within the country with regulations due to the increase in the number of large bitcoin mining firms in the country,
