Iran Challenges US By The Usage Of The Cryptocurrency

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Iran has continuously been using the Crypto assets for the legal transaction to evade the barriers.
  • Hassan Rouhani’s wanted to launch its national cryptocurrency and just a month later it was reported that the government has already outlined the guidelines for the National currency.
  • Iranian Nuclear Deal, the European Union launched Instex for the transaction purpose between Europe and Iran.

What if one of the World’s superpowers, the US, is defeated in terms of the economy? Well, this is something which Iran is planning to do in the next few years. The US has imposed certain economic sanctions which have led to the shrinking of the Iranian economy by up to 10% to 20%.

To this, Iran has continuously been using the Crypto assets for the legal transaction to evade the barriers. This cryptocurrency, according to them, would help their economy to attain heights to such an extent that it may even surpass the US economy. The country has always been interested in Crypto assets other than the traditional banking system.

The President of Iran in 2018, Hassan Rouhani’s, said that he wanted to launch its national cryptocurrency and just a month later it was reported that the government has already outlined the guidelines for the National currency. Also, it has been made clear that the digital currency would be backed by Rial (the traditional currency of Iran).

At the Digital payments conference last year it was already said that there are numerous blockchain projects which have been under construction for the development of the technology.

Of these, one of the projects has been under the check by the four Iranian Banks. Also, another move of the Iranian govt. It has to promote the usage of the cryptocurrencies at the level of the commons as well.

In a survey of 2019 amongst the 1650 Iranians, almost 25% of the people were making a pretty good income from $500 to $3,000 per month. Iran also has planned to teach more of the mining process and has made it a legal activity in the country, for the economic sector of Iran is seen to flourish.

The country has also seen many others from various industries for the collab via blockchain. People from Sweden, Switzerland, South Africa, France, England, Russia, Austria, Germany, and Bosnia-Herzegovina have come together for the upliftment of the blockchain technology.

Moreover, as per the Iranian Nuclear Deal, the European Union launched Instex for the transaction purpose between Europe and Iran. In the US in 2018, the Treasury Department’s Office of Foreign Assets Control added two Iranian Bitcoin accounts in the Specially Designated Nationals List.

Though there had been cases of scams such as the one of the Silk Road Case, the regions of Venezuela and Iran have been the significant crypto usage platforms for the massive regulation sector.

Lastly, when talking about the DeFi projects, they have also benefited the government of Iran for borrowing from the global markets. This would be done at a much cheaper rate than those inside Iran, as of now.

The decentralized exchanges could also help to convert the crypto into the fiat, something which cannot be controlled by outside regulators. Thus Iran sees the cryptocurrencies as a way that can elevate Iran as the next supergiant and which could defeat the US.

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