Russia To Help Iran Build Its Cryptocurrency Infrastructure

Russia To Help Iran Build Its Cryptocurrency Infrastructure

Russian developers will aid Iran to create a working cryptocurrency infrastructure. This is the result of a conjunct agreement by cryptocurrency organizations from each of these countries. Cryptocurrency in Iran is experiencing a new spring now that the country is facing sanctions. This partnership will bring the much-needed expertise of Russian blockchain experts to Iran.

Cryptocurrency Infrastructure For Iran

Russian blockchain developers will help Iranians to build and develop a stable cryptocurrency infrastructure for the following years. That is the objective of a bilateral agreement signed by two of the most important crypto and blockchain organizations of those countries.Russia To Help Iran Build Its Cryptocurrency Infrastructure

The Iran Blockchain Labs and the Russian Association of Cryptoindustry and Blockchain signed this agreement to muster the cooperation between countries affected by USA sanctions. According to RACIB president Yuri Pripachkin, Iran could leverage the experience of tried and true cryptocurrency and blockchain experts from Russia. This with the objective of creating a friendly cryptocurrency and blockchain environment for the two countries, assuring interoperability.

Russia will also help Iran by creating cryptocurrency regulations that will impulse the creation of new blockchain enterprises on Iranian Soil. However, the most important factor now is to deploy their new cryptocurrency and study the possibility of using it as a payment method for the state industry.

Iran Sanctions And Cryptocurrency

Iran is going through one of their most difficult times. Attacks in the form of USA sanctions and blocks by the SWIFT system hamper their economic capabilities. SWIFT decided to side with the government of the United States due to pressures exerted from USA officials.

Russia To Help Iran Build Its Cryptocurrency Infrastructure

The objective of these sanctions is to isolate Iran from the international banking system. This will make them unable to receive payments for their gas and oil, destroying their economy. However, Iran is working in countermeasures in conjunction with the European Union.

Related Article:  Blockchain Used In Recently Concluded State Elections in West Virginia

A replacement for the SWIFT system is in the works. But it is in its early stages and its development could take till 2019. That is why the cryptocurrency focus is so important for Iran at this moment. It could help them to mitigate the sanctions that the USA has applied to the economy. Yuri Pripachkin reaffirmed that cryptocurrencies are a very useful instrument for this task. He declared that “supranational character of the instruments of the crypto-economy” can be leveraged to sidestep these sanctions.

These instruments are only in its nascent stages too. But they will provide an important tool for the financial freedom of the country.