Iran and Russia could use cryptocurrencies
Crypto

Iran and Russia could use cryptocurrencies

By Marco Cavicchioli - 17 May 2018

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Iran and Russia could use cryptocurrencies. Leggi qui l’articolo in Italiano.

The dollar remains the world’s reference currency. But it is also the currency of the United States, controlled by the FED, the American Central Bank.

The fact that the world’s reference currency is stars and stripes is a privilege of “seigniorage” for the US, but it can be a problem for other countries and other currencies.

Russia and Iran

According to the Interfax agency, Iran is considering using cryptocurrencies to get out of the sphere of influence of the dollar.

This is revealed by the head of the Committee on Economic Affairs of the Iranian Parliament Mohammad Reza Purebrakhimi who, during a meeting with the head of the Committee of the Council of the Russian Federation on Economic Policy, Dmitry Mezentsev, said:

Using cryptocurrencies can be one of the good ways to bypass the use of the dollar, as well as the SWIFT system, and we have ordered the Central Bank in Iran to start developing proposals for using cryptocurrency.

A state cryptocurrency?

It is not yet known whether or not the idea includes the issuance of a state cryptocurrency, given that both Russia and Iran officially declare themselves skeptical of the circulating cryptocurrencies’ spread.

In fact, recently Iran has shown itself to be resolutely opposed to cryptocurrencies.

While Russia’s attitude is more controversial.

Considering also that the relations between Russia and Iran are quite deep, Purebrakhimi’s words sound like a real official announcement towards the acceptance of cryptos.

The problem is not just the dollar, but the system commonly used to move large amounts around the world in this currency, namely SWIFT.

In this regard, Purebrakhimi said that the Russians “share our opinion, we said that if we manage to promote this work, then we will be the first countries that use the cryptocurrency in the exchange of goods“.

In this scenario, cryptocurrencies would be used by the two countries to eliminate any limits on payments currently made in dollars, which makes this cooperation very interesting.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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