According to a recent report, an Iranian general has advocated for Iran to increase its use of cryptocurrency. However, his call was not just for the general adoption of digital assets, but as a way for Iran to circumvent several sanctions, it carries from the US.
Cryptocurrency Will Help Iran With Investments
A story posted by Coinit.ir – a crypto news firm in Iran – reports that Islamic Revolutionary Guard Corps commander Saeed Muhammad said that the nation needs to put a bit more focus on the use of cryptocurrencies. Muhammad said that digital assets can help Iran attract more international investment and evade any sanctions that could potentially disrupt said investment flow.
“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].”
Iran has taken a hit on several levels, as a direct result of heavy sanctions slapped on by the US. One of the major results of this is a drop in the value of the Iranian Rial.
In December last year, Iranian President Hassan Rouhani proposed an “Islamic financial payment” along with other Muslim countries including Turkey and Malaysia. Just like Muhammad, the President also suggested this to evade sanctions.