Thread: Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions

Crypto may be a disrupter technology in more ways than one.

"Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, referred to cryptocurrencies as a promising way for both countries to avoid US dollar transactions, as well as a possible replacement of the SWIFT interbank payment system."

The crypto space continues to mature towards a future economic model, perhaps one capable of seriously challenging US political and economic hegemony.

Re-imposing economic sanctions against Iran may give good cause to other countries outside of the dwindling USA's friendly relations list to seriously consider crypto.

The more the USA seems intent on turning inwards and becoming more politically and economic belligerent towards outsiders, as declining empires tend to do, so also may alternative economic models become more attractive.

Unfortunately, the acknowledged scalability issues of crypto isn't presently able to challenge the status quo in a way the Iranians and other USA-outlier countries may want.

However, this is not an impossible problem.

Given the collective technical ability of Russia, China, Iran, and other USA outliers, the solution to the problem might be nearer than currently envisaged.

There's already an alternative to SWIFT. Crypto-anarchists ain't like it but Ripple XRP is already being taken onboard by central banks and financial institutions in the Middle East, Europe and Asia. America is not only becoming more politically and economically belligerent towards outsiders, it is also failing to catch up to a technology the rest of the world is embracing to speed up global payment & settlement with lower costs, greater transparency, and more security.