Will Iran’s State-Backed Cryptocurrency Enable the Country to Evade US Economic Sanctions?

Colleagues, Iran has taken a major step toward the creation of a state-backed cryptocurrency. The primary goal of this effort is assumed to be the country’s circumvention of new US economic sanctions in the wake of US President Trump revoking support of the Iran nuclear arms accord in May 2018. Work on a national cryptocurrency dates back to late 2017 when the US President re-affirmed his campaign promise to revoke the accord and re-impose stiff trade sanctions. This initiative has the backing of Iranian President Hassan Rouhani and is led by their National Cyberspace Center. Back in January 2018 the US Treasury issued a severe warning against Iran’s use of cyber warfare and development of a cryptocurrency for this very reason. Bottom line: Iran, Russia and Venezuela has announced plans to develop digital currencies for the purpose of evading Western (aka US) trade sanctions. Transaction “transparency” is a vital factors in whether their efforts will be successful at essential protecting nefarious money laundering activities. We assume the currencies which be intentionally designed to avoid detection by the US and its allies. Details to follow in the coming months.

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