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Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
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Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Iran approves using crypto for financial transactions

  • By Al Mayadeen Net
  • Source: Agencies
  • 14 Jan 2022 19:43
2 Min Read

Merchants and businessmen will be able to conduct transactions through cryptocurrency.

  • x
  • Iran seeks innovative ways to curb sanctions
    Iran seeks innovative ways to curb sanctions

Iran will be allowing residents and local merchants to pay by cryptocurrency.

The Iranian Central Bank, the Ministry of Industry, and Mine and Trade have taken the decision to authorize the use of cryptocurrency to facilitate trade transactions in Iran. The approval came after a meeting between the bank and the ministry. 

Related News

White House reportedly pauses new US sanctions on Iran amid talks: WSJ

Diplomatic sources deny US reports about details of Iran-US deal

The new decision will provide a door for businesses to curb hawkish sanctions which have been placed on the country, easing the weight of the international monetary and trade system which have put the Iranian economy at risk. Merchants and businesspeople will be able to carry out trade settlements and transactions without having to worry about the sanctions. 

Cryptocurrency undermines US sanctions

The US Department of Treasury released a sanctions review report in October 2021 explaining the effectiveness and implications of US sanctions with recommendations for the future. 

The report focused on the idea that the use of crypto-assets and trade will undermine the effectiveness of the sanctions, and that if cryptocurrency continues the way it's running now, there will be less dependency on the US dollar and US financial institutions and systems in the future. The US dollar, according to the International Monetary Fund, makes up over 60% of all central bank foreign exchange reserves and around 90% of all forex trades. In addition, almost 40% of world debt is in US dollars. 

The report said, “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions."

  • Iranian Central Bank
  • Cryptocurrency
  • Iran
  • US sanctions on Iran

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