The chairman of the Economic Committee of the Iranian Parliament revealed that the Iranian people have spent more than $2.5 billion on the purchase of cryptocurrency. Earlier, the country’s central bank had banned local banks from dealing with digital currency transactions such as bitcoin.
Mohammad Reza Pourebrahimi, Chairman of the Economic Committee of the Iranian Parliament, said:
Based on available data, the number of cryptocurrency users in Iran is not large, and more than $2.5 billion in funds are sent abroad for the purchase of digital currency.
He said in an interview that "Iranian people can not enter the international banking system, they can only transfer money in an unconventional way, such as foreign exchange dealers or international tourists."
Earlier, the Iranian Central Bank (CBI) banned banks and financial institutions from dealing with cryptocurrency transactions because of the risk of money laundering and terrorist financing.
Iranian national cryptocurrencyIran’s Minister of Information and Communication Technology, Mohammad Javad Azari-Jahromi, recently confirmed that they have developed an experimental local cryptocurrency, and the beta has been completed.
However, Pourebrahimi mentioned last week that “there is currently no virtual national currency designed in Chinaâ€.
Still, he explained that Iran’s national cryptocurrency can “drive economic transactions and evade sanctionsâ€. The chairman mentioned that “the future of the world economy lies in the digital currencyâ€, and the national cryptocurrency “helps to promote currency swap agreements between Iran and other countries, thus helping countries that cannot cooperate with Iran because of sanctions†.
The structure of the cryptocurrency should be applicable to economic activities and should be acceptable internationally.
Pourebrahimi is convinced that one of the advantages of cryptocurrencies is "the absence of US regulators" and can therefore help them evade sanctions. Azari-Jahromi is also a supporter of this view:
All cryptocurrencies can be used to circumvent economic sanctions because they are not under the control of US financial regulators.
At the same time, US President Trump has withdrawn the 2015 Iranian nuclear deal to impose sanctions on Iran’s oil exports.
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