Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports

[troubled soul]

Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports – Regulation Bitcoin News

The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities.

news.bitcoin.com

 

[Martin Everson]

Is this real? I mean is this the road Tehran really wants to go down?

It will only scare of foreign financial institutions from banking clients with crypto activity for fear of violating US sanctions. It may lead ultimately to very harsh due diligence around crypto money entering and exiting the banking system to ensure no connection with Iran sanctioned entities and activities.

Ultimately if this is real it could be a game changer for Iran. It could reduce some of the financial pressure sanctions has had on their economy.

 

[CaptK]

Is this real? I mean is this the road Tehran really wants to go down?

It will only scare of foreign financial institutions from banking clients with crypto activity for fear of violating US sanctions. It may lead ultimately to very harsh due diligence around crypto money entering and exiting the banking system to ensure no connection with Iran sanctioned entities and activities.

Ultimately if this is real it could be a game changer for Iran. It could reduce some of the financial pressure sanctions has had on their economy.

I believe they have no choice, no doubt they will set the bench mark on how to use crypto. No better test case than Iran for real implementation of crypto.

 

[Silvio]

Wait, you want to tell me that the only use cases for Bitcoin is money laundering, bypassing currency controls and speculation? No way...

 

[Martin Everson]

Wait, you want to tell me that the only use cases for Bitcoin is money laundering, bypassing currency controls and speculation? No way...

Careful don't speak facts you will upset people .

 

[Cetme308win]

Is this real? I mean is this the road Tehran really wants to go down?

It will only scare of foreign financial institutions from banking clients with crypto activity for fear of violating US sanctions. It may lead ultimately to very harsh due diligence around crypto money entering and exiting the banking system to ensure no connection with Iran sanctioned entities and activities.

Ultimately if this is real it could be a game changer for Iran. It could reduce some of the financial pressure sanctions has had on their economy.

probably they were already doing it... now they just made it official

 

[Martin Everson]

I think then the Iranians are just winding up the US government or forcing them to move their hand. I personally wouldn't want to end up with BTC that passed through the wallets of the Iranian government. Neither would I want to operate an exchange or bank receiving such fiat from such a transaction . You would be extradited and sat in a US jail cell before your feet touched the ground.

 

[Cetme308win]

I think then the Iranians are just winding up the US government or forcing them to move their hand. I personally wouldn't want to end up with BTC that passed through the wallets of the Iranian government. Neither would I want to operate an exchange or bank receiving such fiat from such a transaction . You would be extradited and sat in a US jail cell before your feet touched the ground.

Probably if they cannot use bitcoin anymore they will start trading with opium lol

 

[JackAlabama]

The world bifurcates as we are withnessing the us empire dying a slow (or not so slow, in case of civil war) death. I still bet on civil war in the us.

After a bitcoin crackdown, China now calls it an 'investment alternative' in a significant shift in tone

China called bitcoin an "investment alternative" marking a significant shift in tone after regulators cracked down on cryptocurrency trading in 2017.

www.cnbc.com

pls forgive me to quote fake news cnbc lol.

 

[Silvio]

Careful don't speak facts you will upset people .

Come on, everybody knows that BTC is passe, the real store of value is Dogecoin