Saturday , April 1 2023

Iran, Venezuela, and Russia have tried to avoid sanctions by national cryptocupations CriptoNevs


Governments of the world have recognized in the last two years the importance of decentralized systems of cryptoactive and cryptocutaneous functions, because it is increasingly difficult to ignore the ecosystem that manages Bitcoin.

Some countries have adopted strategies for the development of national blocks, while others are interested in decentralized cryptoactivity as a possible way of avoiding dependence on the traditional financial system. The governments of Iran, Russia and Venezuela, where there are economic sanctions from several countries, started projects for issuing their own national crypto-currency.


The Islamic Republic of Iran, which has been heavily sanctioned by the US government over the past few weeks, reported several months ago its intention to launch national crypto-uniqueness. In this statement, made in July this year, the Department of Management and Investment Affairs of Iran stated that the goal is to facilitate "the transfer of money to any part of the world, as a way of dealing with the sanctions imposed by the administration of Donald Trump.

The proposal of "endogenous" cryptocurrencies is directed by the Central Bank of the country and the Directorate for Technology and Scientific Affairs of the Presidency. None of these two government entities spoke out on the algorithm, mining, or the characteristics of the consensus network that they propose to launch. However, the document obtained in confidence ensures that national cryptocurrencies in Iran will be based on the Blocker Hiperledger Fabric and will not be degradable.

According to this document referred to local media Saeed Mahdiun, director of corporate computer services, predicts that crypto currency is a "card and payment instrument for exchange" and later as an "instrument for making small payments in the country".

With previously revealed data, it can be concluded that, like other national crypto projects, the Iranian token will be centralized. Similarly, it is not known that the issuance of this cryptoactive material would accurately assist the local authorities to avoid the financial sanctions of the United States.

For its part, the US Treasury Department, through the Financial Crimes Control Network (FinCEN), warned that Iran uses a crypto currency to avoid US economic sanctions and "upset" the US financial system.

In this respect, FinCEN has published the document of 19 parties to "help financial institutions discover" and report "potentially illegal transactions related to Iran". Such measures are based on the fact that the administration of Trump considers the Iranian regime a threat to the US financial system.

Also, within Iran, the regulatory landscape is confusing, because cryptocurrency mining is recognized as an activity Commercially in the territory at the same time it is prohibited to trade bitcomin.

Recall that since April this year, the Central Bank of Iran (CBI) has banned the use of binoculars as a means of money laundering. This measure has led to the loss of support by national banks for the exchange of banks, since all regulated financial entities are prohibited from processing transactions related to crypto-currency.

A ban on trade did not eliminate the battle market in the Iranian market. Bitcoins are still traded on peer-to-peer platforms, such as LocalBitcoins, which still help Iranians mitigate high inflation rates your local economy. However, the new round of sanctions imposed on Iran has affected the crypto market.

The November 7th The substitute houses of Binance and Bittrek have ceased to provide exchange services to Iranian citizens. According to Sephera Mohammadi, the chairman of the Joint Blockade in Iran, the decision of these alternate houses – and those he did not mention – seriously restricts the crypto market in that country.


The reflection on the national crypto-currency as "useful tool"In order to avoid the financial sanctions imposed by the European Union and the United States, Russia proposes the creation of a national crypto-currency two years.

Temporarily named as criptorub, Russian cryptocurrencies are intended as a way for Russia to agree on payments with its trading partners and reduce the influence of the United States on its economy.

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