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.
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.