We all seem to forget that cryptocurrency was made for this exact reason. By using the blockchain, cryptocurrency can allow citizens to break free from economic pressure to seek liberation from sanctions. Cryptocurrency (should) allow people to take control of their own finances away from the government and the authorities. Earn your own money and keep it, that’s the way it should be right?
Donald Trump, famed President of the United States is one leader with an economic grasp on certain parts of the world. Indeed this isn’t the fault of Trump as such, actually capitalism and patriarchy does mean that whoever the President of the US is, has many countries in the palm of their hands, economically speaking at least. In some instances, economic sanctions are justified too, but we won’t get into the politics of this.
Reports from Iran state that authorities there are now looking at creating a cryptocurrency in order to squeeze past the economic sanctions set out by the United States. The reports state that the Iranian government’s Science and Technology Department are now looking into producing a native Iranian cryptocurrency in line with the Central Bank of Iran.
The plan is alleged to be focusing on a stable-style coin, one that will have direct links to the Iranian Rial and will be used to facilitate cross border payments, away from the economic sanctions placed on Iran which come into force next month.
Moreover, according to Coindesk:
“The reported move by Iran follows the lead of Venezuela, which launched its own oil-backed “petro” cryptocurrency – also as a way to fight U.S. sanctions. While the country’s president Nicolas Maduro has claimed successes for the token, the Trump administration has also issued an executive order for additional sanctions against the petro.”
See more for yourself, here.
Whilst this seems like a viable solution and an easy way round economic sanctions, we must consider how the United States and the rest of the world will react to this. Indeed, moves like this are very likely to encourage specific international regulations that mean cryptocurrencies also fall under economic sanctions established by world leaders. For this to happen though, they will need to recognise crypto as a viable currency first.
When crypto and politics crosses over, there is always a chance that the entire landscape will change. Indeed, if Iran are working on such a project, we may well see the United States step up their game in recognising and regulating cryptocurrencies, otherwise, Iran might have found a clever way around this one.
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