Iran And Russia Discuss Transacting In Crypto To Avoid International Sanctions

Authored by Molly Jane Zuckerman via,

Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.

image courtesy of CoinTelegraph

Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, referred to cryptocurrencies as a promising way for both countries to avoid US dollar transactions, as well as a possible replacement of the SWIFT interbank payment system.

At a meeting with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy, Pourebrahimi said that they have “engaged the Central Bank of Iran to start developing proposals for the use of cryptocurrency.”

Pourebrahimi added that he discussed this topic in the State Duma's Committee on Economic Policy the day before and that Iran had established cooperation with Russia on this 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 cryptocurrency in the exchange of goods.”

In turn, Mezentsev noted that “interbank relations between our countries should be of great importance” against the backdrop of international sanctions currently in place against both Russia and Iran. The meeting of the interbank working group on financial and interbank cooperation will be held in Tehran on July 5 of this year, RBC reports.

Last week, Pourebrahimi had reported that without access to the international banking system, Iranian citizens have so far succeeded in siphoning a staggering $2.5 bln out of the country in crypto.

Venezuela, another country facing international sanctions, recently released its own oil-backed cryptocurrency, the Petro, in a move that some critics saw as an illegal way to enter the international financial markets. After the Petro’s launch, both Turkey and Iran had expressed interest in releasing their own state-backed cryptocurrencies as well, with Russia’s own CryptoRuble reportedly set to launch in mid-2019.


macholatte macholatte Sat, 05/19/2018 - 12:25 Permalink


In other news .....

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In reply to by macholatte

sessinpo Hurricane Baby Sat, 05/19/2018 - 22:09 Permalink

Hurricane Baby Hurricane Baby Sat, 05/19/2018 - 19:26 Permalink

I see none of the crypto-tards here have been able to answer a simple question.  If the local grid is down and out, and everyone around the area is partying like it's 1899, then how does one access their bitcoins to buy stuff? As opposed to diving in the lake where one had that tragic boating accident involving all their gold and silver?


Maybe because the only tard here is you and no one wants to waste their time. I'm the sucker that is willing to try to help your ignorance. Poor me.

In reply to by Hurricane Baby

RationalLuddite Bitchface-KILLAH Sat, 05/19/2018 - 13:30 Permalink

Clarify please. BK,  You appear to be too focused on and driven by infantile ad hominems rather than actually providing counterargument in which you can then satisfyingly take a swipe on the way out after you have made your demonstration of intellectual superiority.

I think energy based AND energy constrained cryptos are the true future - not the useless energy wasted in bitcoin's artificial scarcity , but real energy - representing the value of work already done as well as potential work that can ne done. An energy based Crypto currency would represent constant real product and illuminate actual input costs, not the fiat distortions and subsidised perversities we see now.

i would be interested in genuine constructive feedback. Taa


In reply to by Bitchface-KILLAH

Mine Is Bigger Bitchface-KILLAH Sat, 05/19/2018 - 13:54 Permalink

The article talks about "using" crypto (read bitcoin), not issuing.

It is a super stupid idea for central authorities to create blockchains.

There is no point in a blockchain that can be modified willy-nilly by a central figure (read Ethereum).

Maybe Russian and Iranian officials are smarter than the majority of crypto pumpers and understand this (Although I doubt it).

In reply to by Bitchface-KILLAH

francis scott … Mine Is Bigger Sat, 05/19/2018 - 19:53 Permalink

Of course the Central Banks will create their own cryptocurrency which they

will use with each other to facilitate trade between themselves. (for all we

know, they already are using it).


This will be like the pre-Nixon gold that was paid to a nation that exported

more than it imported and the gold that a nation that imported more than it

exported settled with the other nations it owed to them.


HOW DOES IT WORK?   They probably haven't figured that out yet.

They're still tweaking and improving it. 


After the peace that is surely coming happens this will be the new

way of trade between nations.  All the Central Banks will know how

much cryptocurrency every other CB has every day after all the

currencies are cleared, entered in the current balances and the

day's final accountings are sent to all the CBs. 


If any CB disagrees with the accounting and thinks their balance

wrong, the dispute can be settled in a matter of minutes with

a conference call.  Were imports ordered?  Were imports exported?

Were CB cryptos needed to pay the exporter?  Were CB cryptos

transferred from the importer to the exporter?


Questions concerning the quantity, quality, and condition of the

merchandise are not in the purview of the CBs.


In reply to by Mine Is Bigger