• Mon. Dec 4th, 2023

A Friend of Iran’s President Suggests Usage of Crypto For Countering Sanctions

Mar 3, 2021

An Iranian fellow associated with the President of Iran advised the Iranian Government to utilize cryptocurrencies for countering sanctions imposed by the US. Iranian Finance Ministry has taken note of the suggestion and has carved out a plan through which it has proposed to collect revenue of US$ 700 annually exclusively on the basis of cryptocurrencies.

It was reported in local media outlets in Iran that a man, whose name hasn’t been disclosed, has advised the present Government. The report revealed that the unknown advisor is a man who is associated with or maybe a friend of the Iranian President.

In his advice, the man has suggested that in order to counter-sanctions imposed by the US, Iran Government must utilize cryptocurrencies. It has been suggested by the man that Iran should immediately increase the usage of cryptocurrencies. He claims that if Iran is able to do so, not only this will create employment opportunities in the country but would also increase Iran’s revenue collection.

The man has stressed upon the Government also to allow more space to crypto mining farms, particularly Bitcoin. He said that other countries are creating designated places for the mining industry for increasing their revenue generation. He referred to Russia and said that Russia had allowed the mining industry to utilize space at its nuclear power plants. He advised the Iranian Government should also utilize its nuclear power plants’ spaces for housing Bitcoin mining industries.

Later on, it was found out that the Iranian Finance Ministry took note of the advice. It was reported in the local media of Iran that a revenue increment plan has been carved out by the Ministry. As per the plan, the Ministry wishes to earn US$ 2 Million per day and US$ 700 Million annually. It was further reported that this revenue generation would be entirely based on the usage of cryptocurrencies and their trading.

The mysterious man has further insisted upon the Government to immediately draft necessary laws for regulating Iran’s crypto industry. He said that through crypto regulation Iran would be able to ensure that foreign currency will continue to remain within the country.

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