Iran hopes to circumvent US sanctions with blockchain technology

Business Materials 28 April 2019 13:25 (UTC +04:00)

Tehran, Iran, April 28


Blockchain technology is a way to circumvent US sanctions, said the secretary of the Supreme Council of Cultural Revolution of Iran Saeed Reza Ameli, Trend reports citing IRNA.

"Blockchain could be an opportunity to expand the private sector's performance and cooperation systems,” he said, adding that this technology requires regulation.

Ameli believes that the blockchain technology provides the opportunity to bypass global governance systems.

"Although the blockchain technology is aimed at creating new currency, it opens a new path, which is, in fact, a new governance,” he added.

The Islamic Republic of Iran has unveiled its very first Bitcoin ATM at the 12th International Exhibition of Exchange, Bank, and Insurance in Tehran.

Mellat Bank, Pasargad Bank, Melli Bank and Parsian Bank have reportedly jointly developed the digital currency.