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Cryptocurrency like Bitcoin to be used by Iran to escape Donald Trump’s sanctions

Priya

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Cryptocurrency like Bitcoin to be used by Iran to escape Donald Trump's sanctions
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The recent hustle-bustle between Iran and the United States of America seems to have taken a new turn. The Iranian government is all set to develop its own cryptocurrency in order to escape from the United States sanctions, as reported by a local newspaper.

The Directorate of Deputy of Management and Investment Affairs, Alireza Daliri said that several domestic companies have developed the digital currency. The digital currency is still in progress and they will launch it after fixing all the flaws. He further stated that the companies are working in coordination with the Central Bank of Iran [CBI].

Alireza told ISNA news agency that they are trying to prepare the grounds to use the virtual currency in the country. He further stated that the digital currency would help the country to transfer money anywhere around the world and would also help the nation during the U.S sanctions.

The announcement comes in the limelight right after the speculations that the Iranian and the Russian government are looking to launch their own cryptocurrencies. The Chairman of the Iranian Parliamentary Commission for Economic Affairs, MP Mohammad-Reza Pourebrahimi had recently proposed the idea of launching digital currency in Moscow.

MP Mohammad had stated that the CBI was asked to look into the proposal of digital currencies by the Iranian Parliament. Pourebrahimi had discussed this during the State Duma Committee on Economic Policy and further stated they have Russia’s corporation for the launch of the digital currency.

The chair of the Iranian Parliamentary Commission of Economic Affairs said:

“They share our opinion. We said that if we manage to move this work forward, then we will be the first countries that use digital currencies in the exchange of goods.”

The launch of the cryptocurrency has been unveiled right when the President Rouhani spoke regarding the U.S withdrawing from the Joint Comprehensive Plan of Action [JCPOA] also known as Iran nuclear deal. JCPOA was created in 2015 and the member countries of the deal with Iran were Russia, France, China, United Kingdom, the United States and the European Union.

On 9th May 2018, President Donald Trump withdrew from JCPOA, which sparked a lot of controversy around the world. Trump claimed that the deal was ‘one-sided’ and it should have never existed. The other member countries including the European Union have decided to remain in the agreement as it a non-bilateral agreement. Trump has faced opposition from the member countries for withdrawing from the agreement.

The President of the United States has been pressuring the members of the agreement to withdraw from the deal and has threatened to impose sanctions on European companies that do business with Iran. Moreover, the American firms are not allowed to do business with Iran and foreign countries that do business with Iran will no longer have access to the U.S Banking and Financial System.

During his speech, President Rouhani stated that the government has “plans for the contingencies from months ago and will not face any serious problems at all.” The government had previously urged all the sectors to coordinately work with the government and the roadmap of the economy is in its preparation stage.



Many speculate that the launch of the cryptocurrency might be to stabilize the country’s economy if the sanctions are passed.

Moreover, a related news emerged on Wednesday, Tehran had announced that the national encrypted key has been developed, which would use the blockchain technology. The key will be implemented in the national banking system and will be released within three months. They also mentioned that banks will be able to build smart contracts.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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