Crypto

Iranian General Prefers Using Bitcoin to Bypass US Sanctions

Using cryptocurrencies is often associated with dubious and illegal activities. In Iran, one general advocates for using Bitcoin, as it helps evade government sanctions.

It is uncanny how the public perception of cryptocurrencies continues to shift.

Bypassing Sanctions With Bitcoin

Advocating the use of Bitcoin and altcoins to evade government sanctions may be a bridge too far.

Iranian general Saeed Muhammed is convinced that this is the right path to follow. 

In his opinion, Iran should look to cryptocurrencies to boost international investments.

While some may see this as a bullish sign for Bitcoin, this approach also poses a few problems.

The public nature of Bitcoin’s blockchain would immediately flag transactions one the blockchain analysis firms go to work. 

Related Post

Creating a native digital currency for the country doesn’t appear to be an option worth exploring right now.

Whether these comments by Muhammad will receive any additional support, remains to be seen.

Sanctions imposed upon Iran have put a strain on financial and economic capabilities.

Finding alternatives makes sense, albeit the rules still need to be respected at all times.

It is also worth pointing out that cryptocurrency addresses can become subject to the same types of sanctions.

Some of the earliest sanctioned addresses even belong to Iranians. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

The Work From Home Revolution Has Arrived

With many employers and employees acknowledging the feasibility of remote work, the possibility of it…

48 mins ago

WAX Price Up 44%, Increased User Adoption Signals Growing Interest in the Platform

WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…

10 hours ago

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

14 hours ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

18 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

1 day ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

1 day ago

This website uses cookies.