Cryptocurrency Sanctions

CBI official calls for accelerated movement towards Blockchain and Cryptocurrency

Soraya Nildarar
Written by Soraya Nildarar

The director of the e-banking department at CBI’s Monetary and Banking Research Institution, Nima Amirshekari, has called for accelerated action to use blockchain technology and cryptocurrencies, and to take advantage of the opportunities in this sector.

According to Eqtesad news; In a conversation about the use of blockchain in transferring funds at the international level, Nima Amirshekari has stated:

Sanctions in Iran are becoming more and more serious every day. It could have been better if we had used this platform earlier.

He added:

The best time was early last year, during which we could use the blockchain and cryptocurrencies to transfer international funds and to attract foreign capital, but this did not happen.

“Blockchain and cryptocurrencies were not yet monitored by the governments at that time, while governments are now taking this issue very seriously.”, Amirshekari said.

He continued:

Venezuela, which is a county under sanctions, managed to attract foreign investment by launching its national digital currency last year. It succeeded to earn about $2 billion, which was remarkable for its poor economic conditions.

Amirshekari noted:

After this incident and its spread in other countries, the US president forbid the national digital cryptocurrency of Venezuela and ordered other countries not to buy it. However, the country had already reached its goal, attracting plenty of capital.

“American authorities will impose sanctions against an Iranian national digital currency very quickly. Therefore, considering the circumstances, it might be a bit too late to launch a national digital currency in Iran for transferring funds, and using this technology to attract foreign investment.”, Amirshekari stated.

He emphasized:

Nonetheless, it is inevitable to design and offer a national digital currency in the country. Because this technology reduces the cost of transferring funds and brings transparency to the economy.

The expert further stated:

The technology can now also be used to transfer funds in specific economic conditions of the country.

“Moving towards using common digital currencies in international money transfers should be pursued more quickly so that the opportunities are not lost.”, he emphasized.

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Soraya Nildarar

Soraya Nildarar

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