Iran may evade US sanctions with blockchain, crypto-currencies: MP

Business Materials 7 November 2018 17:49 (UTC +04:00)

Tehran, Iran, Nov. 7


Chairman of the Economic Commission of Iran's Parliament says the country might use blockchain for its currency transactions.

“It is possible to use blockchain to provide crypto-currency. Because crypto-currency can be a solution to the sanctions imposed on the US dollar,” Mohammad Pour Ebrahimi said, Eghtesad Online reported.

Blockchain is inherently a decentralized technology platform and requires multiple nodes to participate and validate the block of transactions before adding them to the chain.

“In spite of the US sanctions and threats, in the first seven months of this year, Iran's oil sales exceeded $32 billion, which is higher than the anticipations,” he added.

"The US claimed their sanctions in previous period were crippling, but we saw that despite the economic problem, Iran has successfully passed that difficult period and the Islamic Republic continues its course," he said, stating that sanctions cannot stop Iran.