Iran to launch state-run cryptocurrency to bypass US sanctions

Iran is expected to announce a state-run cryptocurrency in the next few days in a move widely interpreted as a way of getting around US economic sanctions.

The new virtual currency is likely to be announced at the Electronic Banking and Payment Systems conference, which opens on January 29th in the capital, Tehran, reports Al-Jazeera.

The theme of the two-day event is ‘blockchain revolution’.

In May last year, the United States pulled out of a deal to lift sanctions against Iran in return for curbs on its nuclear programme – a deal US President Donald Trump repeatedly blasted.

Tensions have risen since the US withdrew from the 2015 Iran deal.

Iran controlling a cryptocurrency would allow it to bypass certain measures, such as a ban on buying US dollars.

In November, Iranian banks were barred from SWIFT, the global messaging system that allows cross-border payments.

America’s rivals are exploiting Bitcoin-style cryptocurrencies to get around US sanctions.

Iran, North Korea, Russia, and Venezuela are all investing in the tech in an attempt to counter American economic might.

Last year, Vladimir Gutenev, the first deputy head of the economic policy committee of the State Duma, said Russia should conduct transactions in cryptocurrencies linked to the value of gold to frustrate “US attempts to thwart deals on Russian weaponry and civilian goods.”

Priscilla Moriuchi, a former NSA cybersecurity official, told US political news outlet The Hill that North Korea earns an estimated $15 million to $200 million by mining and selling cryptocurrencies.

Pyongyang’s army of hackers is also believed to have stolen cryptocurrency from organisations and individuals throughout the world.