Iranian General Proposes Use of Cryptos to Evade US Sanctions
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27 February
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Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, has proposed the use of cryptocurrencies to evade US sanctions.

According to Coinit.ir's Telegram channel, a local crypto news source, the general said on February 26:

"We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships [in other countries]."

Iran's economy is suffering the sanctions imposed by the US after the Trump administration withdrew from the Joint Comprehensive Plan of Action in 2018.

As a result, Iran is currently isolated from both trade and foreign investment, so cryptos have emerged as one of its only options to evade these sanctions.

The Iranian government, in an attempt to improve the economic situation in the country, announced back in 2018 its plan to launch a national cryptocurrency, while the Iranian Ministry of Industry, Mining and Trade has recently issued more than 1.000 crypto mining licenses.

iHodl reported in July that Iran had legalized crypto mining.

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