certify
Home arrow Article arrow Article Detail

Russia May Be Inspired by Iran's Use of Digital Money

Profile Image

Pavan A Follow

INDIA

Sep, 01 2022

Sep, 01 2022

likes | comments 0

Article Image

Several weeks after Iran imported its first goods using cryptocurrencies, the country passed a bill allowing local businesses to use digital currency for imports. The Iranian government said it would expand its use of cryptocurrencies by the end of September. 


Russian officials are starting to take note as they see speedy sanctions from around the world, following Russia's invasion of Ukraine. While new Iranian imports have proven crypto does have the power to help countries out of sanctions. 


The move follows the imposition of new US sanctions against the country's oil companies. Iran has recently stepped up its aggressive push toward cryptocurrencies. Recently, Iran completed its first order for crypto-based products worth $10 million, according to reports. 


Alireza Peyman-Pak, head of the Iranian Trade Promotion Organization (TPO), revealed that Iran intends to aggressively trade with digital assets by the end of next month. 


“This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.” 


Cryptocurrencies have been widely viewed by Iranians as a way of circumventing US sanctions. By its decentralized nature and permissionless nature, cryptocurrencies provide a way of evading sanctions since there is no intermediary required. 


Russia may follow Iran's crypto imports :

As Russia has been heavily sanctioned, US lawmakers have warned it could try and evade sanctions by adopting cryptocurrency. A sanction against the cryptocurrency market in Russia had even been considered by the Biden administration. 


Russian Prime Minister Mikhail Mishustin expressed his support at a Russian economic forum for cross-border crypto payments, pointing out digital assets can be used to avoid a penalty for goods imported from other countries. 

 


likes | comments 0

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
WMG team up with OpenSea to expand Web3 opportunities 

WMG?team up?with OpenSea?to expand?Web3 opportunities for artists. This platform will enable artists to?build and extend their fanbase in the Web3 community. The nonfungible token (NFT) marketplace..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.