Iranian Government Plans to Implement Infrastructure for Bitcoin Usage

Iranian Government Plans to Implement Infrastructure for Bitcoin Usage

The relations with the USA and Iran are fairly stagnant as Donald Trump labelled the Iran trade deal as the “worst deal ever”. The Islamic republic is still affected by international sanctions that influence many of its economic industries, including finance, energy, and also the shipping market. International sanctions have also hindered Iranian taxpayers’ capacity to utilize online payment systems such as PayPal, Venmo, and Braintree. The Iranian government has chosen to employ a new payment type which will have the ability to skip sanctions – Bitcoin. Among the biggest advantages that the digital currency has is that it can’t be controlled by a central authority such as a company or government, therefore states aren’t able to sanction restrictions. Together with Bitcoin, the Iranian taxpayer might easily skip economic sanctions and be in a position to participate in global transactions and economies.

Bitcoin Infrastructure for Iran

According to a post in Caspian News, the Iranian government has already conducted research on Bitcoin and its potential benefits for its market. Amir Hossein Davaee, Iran’s Deputy Minister of Information and Communication Technology mentioned:
The ministry of communications and information technology has already conducted a number of research studies as part of efforts to prepare the infrastructure to use Bitcoin inside the country,
He also added:
Bitcoin activities include money creation, so the Central Bank of Iran needs to set the ground rules and supervise related activities, otherwise this would disrupt the economic cycle,
Following the the issues cause by the sanctions imposed in Iran heavily suffered from sanctions, specialists think that Bitcoin along with other electronic currencies will considerably help Iran’s market to get back on the right track.

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