Image of Donald Trump giving a speech; Iranian Flag on background.

Is Iran Buying Cryptocurrencies After News of US Pulling out of Nuclear Deal?

May 10, 2018, 2:52PM
1 min, 11 sec READ

Iran allegedly purchased $2.5 Billion in the wake of the US withdrawal from the Iran nuclear deal despite a government ban.

Despite the Iranian government ban on Iranian banks supporting or processing cryptocurrency related transactions, recent government statements indicate that billions of US dollars are being moved overseas through cryptocurrency trading.  

“Iranians do not have access to the international banking system and the transfers can only occur through unconventional ways, such as exchange dealers or international travelers”.

It appears that in an attempt to circumvent US sanctions and interact with global markets regular Iranians are buying up vast amounts of cryptocurrency.  The situation is exasperated by the recent announcement by US president Donald Trump that he will withdraw the US from the Iran Nuclear deal and reinstate sanctions against Iran and its citizens.  The Iranian government is now working to create its own national cryptocurrency which would not only allow the government to exert control over the flow of money overseas but also potentially provide a loophole in its fight against US sanctions.  

This action is familiar to the crypto community who two months ago saw Nicolás Maduro announce the creation of a national cryptocurrency called Petro and backed by the countries oil and gas reserves.  The resulted in a white house statement banning US citizens from transacting in Petro.  

 

 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.