Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
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Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#2The US response should be interesting. Not sure how they could/would technically enforce sanctions.
Edit: Yes, I understand the banking tie in. I was thinking more of mining, and trading other cryptocurrency (monero maybe) for "bit-rials".
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#3Worked well for Venezuela, go for it lol
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#4The US response should be interesting. Not sure how they could/would technically enforce sanctions. Edit: Yes, I understand the banking tie in. I was thinking more of mining, and trading other cryptocurrency (monero maybe) for "bit-rials".
Via payment processors ... prevent people buying this currency / trading at exchanges that enable it?
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#5The US response should be interesting. Not sure how they could/would technically enforce sanctions. Edit: Yes, I understand the banking tie in. I was thinking more of mining, and trading other cryptocurrency (monero maybe) for "bit-rials".
Pretty simple, ban it from the banking system. Also, reach out to Europe and Canada to do the same.
China, Russia, Iran, and even Venezuela can play with cryptocurrencies, but when the money needs to go elsewhere, it has to be in a currency that people have faith in and is accepted everywhere.
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#6The US response should be interesting. Not sure how they could/would technically enforce sanctions. Edit: Yes, I understand the banking tie in. I was thinking more of mining, and trading other cryptocurrency (monero maybe) for "bit-rials".
Via payment processors ... prevent people buying this currency / trading at exchanges that enable it?
Wouldn't people just mine the currency themselves and exchange it locally? As long as the currency's token is unique and scarce, people can use it to trade.
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#7I find it funny how some countries want to use crypto to avoid some regulations they don't like.
However they are not using existing cryptos: instead they try to bootstrap their own crypto to still milk the seignorage cow they like, and to keep the ability to rewrite the rules later that they also like.
My trust in these countries monetary policy is less than the trust I have in say Grin.
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#8I am a sanctions guy at a local financial institution. I only speak for myself.
I read through this and lack of any detail is telling ( not unlike with EU SPV and Venezuela's own crypto attempt ). Personally, I think that crypto will face the same fate as potcoin, but even when we assume it works, it will work well locally.
If there is one thing we learned by now, it is that the whole point of sanctions like these is to limit sanctioned country's access to the international markets. Few exchanges will touch it and if they do, they will likely be sanctioned.
So there is that, useful article to add to my linkedin feed.. but that is it..
edit: added missing 'they'
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#9Earlier quoted context omitted.
Via payment processors ... prevent people buying this currency / trading at exchanges that enable it?
Wouldn't people just mine the currency themselves and exchange it locally? As long as the currency's token is unique and scarce, people can use it to trade.
Between Iran coin and Dogecoin, I know which one people should mine themselves and exchange locally because it's unique and scarce and usable for trade!
Re: Iran to Launch State-Backed Cryptocurrency to Counter SWIFT and US Regulations
#10This article seems to be just speculations without any reliable source. Using cryptocurrencies for any meaningful amount of money is impractical for sanctioned countries because of difficulties in exchange with fiat currencies. Currently the Iran government forces very restrictive policies on cryptocurrency use by people. Even if there is a CBDC project under development, a small project done as an experiment does not show what a country is trying to do.
(I am CTO of a local cryptocurrency exchange market in Iran)