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November 28, 2017

Iranian Government Prepares to Integrate Bitcoin Inside Iran

Amir Hossein Davaee is the Deputy Minister of Information & Communication technology in for the Iranian government. 

During an interview with Shargh, the Farsi newspaper, Davaee has stated that “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. We as the main centre in Iran dealing with the country’s technology developments have taken very seriously the issue of preparing the infrastructure for the new currency.” 

In addition, it was added that the entrance of cryptocurrencies in to the economy will be in the best interests of Iran in the long term. The Iranian government is strategizing with international bodies in order to connect the related organisations and put in place infrastructure for cryptocurrencies as soon as possible. 

Due to financial sanctions, the iranian economy has been crippled. They have had their ability to export and import internationally. Their banking system has also been disconnected from worldwide networks. 

Donald Trump, President of the USA, disagrees firmly with the nuclear and ballistic missile programs in Iran. Due to this, he has taken a hostile approach to the country. The use of bitcoin could bring the possibility for Iran to create a loophole and bypass financial sanctions, as well as local use of other cryptocurrencies.

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