Wednesday, October 5, 2022

Iran Mulling over Use of Crypto-Currencies to Evade US Sanctions

A senior Iranian lawmaker says digital currencies are among the major mechanisms which the Islamic Republic can use to evade the US sanctions, and the Parliament will soon discuss the issue.

Mohammad Reza Pour-Ebrahimi, the chairman of the Iranian Parliament’s Economic Commission, said digital currencies can serve as an important way to evade the US sanctions and get rid of dollar’s hegemony.

In an interview with Mizan News Agency, Pour-Ebrahimi said the Parliament’s Economic Commission will discuss the issue soon.

“Today, many countries like Russia, China and Brazil have already turned to mutual or multi-national money treaties which facilitate trade transactions,” he said.

One of the main priorities of the Iranian Parliament amid the current volatile economic situation is to deeply explore the issue of money treaties as a mechanism to evade the sanctions, he added.

As US’ economic sanctions on Iran loom, Iran’s currency faces inflation, with the rial having lost half of its value in recent months.

Tensions between Iran and the US have been on the rise since May 8, when the US withdrew from the Iran nuclear deal and threatened to impose the harshest economic sanctions on Iran, which will take effect on November.

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