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The government of Iran plans to create a new infrastructure for Bitcoin users

The positive news for Bitcoin users was the information that the Iranian government plans to introduce a new infrastructure for them.

05.Nov.17 9:49 AM
By Daria Zaytseva


The government of Iran plans to create a new infrastructure for Bitcoin users

Bitcoin, as is known, began in Western countries, and as tension between Iran and the United States grows, Bitcoin's integration into their system is the first strategic step. At present, there are problems in the relations between Iran and the US, since Donald Trump expressed his opinion on the deal with Iran as the "the worst deal ever".

The Islamic Republic is still subject to international sanctions, which apply to several economic sectors, including finance, energy and shipping. Also imposed sanctions hampered the ability of Iranian citizens to use online payment platforms, such as PayPal, Venmo and Braintree.

The Iranian government, with the introduction of Bitcoin, as the main form of online payments, decided to bypass sanctions. One of the advantages of Bitcoin is the fact that it is a decentralized currency that cannot be controlled by a central identity, such as a corporation or government; thus, countries can not authorize payments. Using Bitcoin, Iranian citizens can easily circumvent economic sanctions and have the ability to make international transactions.

Recognition of the bitcoin by the economy of Iran - is a new boundary for cryptocurrencies. This means that the government can now move forward with respect to payments and currency.
According to the reports, the Iranian government has already studied Bitcoin and its possible benefits for its economy.

Deputy Minister of Information and Communication Technologies of Iran, Amir Hossein Davaee, shared that the Central Bank of Iran needs to establish basic rules and monitor the relevant actions, since the activities of bitcoin include the creation of money, otherwise it will break the economic cycle. At present, Iran stands in the way of creating a suitable infrastructure for both Bitcoin and other cryptocurrencies.

Once this project is completed, they will be properly integrated and regulated. Experts believe, that suffered from sanctions Iranian economy will be able to recover due to the introduction of bitcoin and other cryptocurrencies.

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