America has imposed so many sanctions on the sale of Iranian petroleum and petrochemicals due to Iran's nuclear programme. Although Iran claims that their nuclear programme is for peaceful purpose, but US is not at all convinced by Iran's claim. By sanctions, America wants to isolate Iran from the world. Iran is not allowed to trade in USD with the world.
Washington is so serious about Iran nuclear programme that before few months they have imposed sanctions on some Emirati and Chinese companies network over helping out Iran in selling and distribution of petroleum products. Due to these sanctions, many American allies countries do not trade with Iran.
Now recently Iran has found out a solution to trade with rest of the world. Iran has passed a bill, according to that international trade like import of anything is allowed in cryptocurrency. Importer now can pay the bill in crypto. Central Bank of Iran is also agreed to process import bill in crypto. It is not revelled that which crypto they used to pay import bill.
After passing the bill according to repot, Iran already have processed its 1st import worth USD 10 m. They also have an aggressive plan to increase the use of crypto to fulfil their import demand in coming months. On the other hand, US shows their concern over use of cryptocurrencies as a tool to evade sanctions and in future Russia can also take this rout to bypass US sanctions.
Iran crypto bill could be a concern for many countries, including US lawmakers, but on the other side, crypto has emerged as a powerful tool for countries facing various sanctions on trading with the rest of the world. Any powerful centralize financial body in the world can impose their rules and regulation on any other country, but it is not possible to impose any restrictions on decentralized financial system.
Here I want to quote the vision of crypto -
So the vision is of a world where you can do transactions that are indisputable, they're secure, they're efficient, and they're immutable. So a hacker can't go in and change the transaction. A government cannot go in and expropriate your ownership of something.
It seems Iran is trying to give a message to the world that now in the era of crypto sanctions by any centralized body has not much significance.
What are your views on this Iran Crypto Bill?
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