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The Iranian Brigadier General Gholam Reza Jalali’s thoughts about how cryptocurrencies can be the right tool to evade financial sanctions are in our crypto news today. He also spoke about how cryptocurrencies are a great opportunity for Teheran since it is trying to develop a state-cryptocurrency.

The Mehr news agency reported that Jalali told on an interview on Monday that ‘’cryptocurrencies can help bypass certain sanctions through untraceable banking operations.’’

By using cryptocurrencies, Iran will likely become less dependent on the US dollar-based payment methods which are dominated by the SWIFT method globally. It’s important to know that Donald Trump announced that he plans to put up sanctions against Teheran which will bring the national cryptocurrency in an all-time low.

The senior Iranian official noted:

 “Our major problem here is the US dollar because the United States uses its national currency to control any country’s SWIFT operations, so we should reduce dependence on the dollar and replace it with another currency.’’

Iran discussed with Russia to cooperate and use cryptocurrencies in bilateral trade. The Iranian Parliamentary Commission of Economic Affairs believes that Russia shares opinions and interest with the Iranian government.

Iran’s plan is to develop a national cryptocurrency since the minister of Information and Communications Technology already confirmed that there is an experimental model of such a project.

Also, Iran’s Informatics Services Corporation revealed that the cryptocurrency is backed by the Iranian Rial and that is developed on the blockchain framework initially developed by IBM.