Tehran, Iran, Nov.9
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Considering the US re-imposed sanctions against Iran`s banking and oil sector, the country seeks to find new alternatives to bypass the restrictions.
Referring to the possible plans in terms of money transactions, energy expert Abdul Samad Rahmati believes the country can follow examples of other oil rich countries to avoid the economic pressures and sanctions.
"Venezuela has launched Petro, as the first cryptocurrency backed by oil reserves. This approach is an alternative that should be considered,” he told Iranian Labor News Agency.
"Crypto currencies for oil sales are important because Iran owns the second biggest natural gas reserves in the world and the fourth biggest global oil reserves. Besides the rise in the price of cryptocurrencies such as Bitcoin, Ethereum and Ripple Since 2017, is remarkable," he added.
With crypto currencies, it is possible to carry out international financial transactions without the need for physical transfers of money, even without the support of international institutions such as SWIFT, he said.
“The most important challenge is to launch the digital currency and to encourage other countries to accept this new financial tool in multilateral transactions,” said Rahmati.
“We should believe the wheel has been already invented and there is no need to do it all over again," he said.
"The Financial Action Task Force (FATF), is another issue that should have been resolved earlier, so we had less problems in oil currency transactions ", the expert said.
Iran's Guardian Council recently rejected the bill that seen as crucial to maintaining trade and banking ties with the world.
“In my opinion in the upcoming months the government will unveil its confidential alternatives to move out of the storm of sanctions,” Rahmati said.