Untraceable Cryptocurrency Can Help Us Bypass Sanctions: Iranian General Gholam Reza Jalali
An Iranian general has suggested that the nation could turn to cryptocurrencies as a way to evade international monetary sanctions. Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization, on Monday spoke about the’great opportunities’ introduced by cryptocurrencies in the latest indication that Tehran is creating a country cryptocurrency.
According to the Mehr news agency, Jalali was talking into the state-owned TV channel Channel 2 news on Monday when he stated:
“Cryptocurrencies can help bypass certain sanctions through untraceable banking operations.”
In doing this, Iran hopes to lower its reliance on U.S. dollar-based payment railings operated by SWIFT for international trade. U.S. President Donald Trump declared sanctions against Tehran earlier this year, sending the Iranian Rial to historical highs.
“Our key problem here is that the US dollar, since the United States utilizes its national currency to restrain any nation’s SWIFT operations, thus we should decrease reliance on the dollar and replace it with a different currency,” the senior official added.
Iran has suffered a banking blackout from SWIFT at a four-year hiatus involving 2012-2016. Additionally, Iran and Russia Consider Using Cryptocurrency for Trade.