Iran to authorize crypto for international trade

Iran to authorize crypto for international trade

Iran is about to demonstrate another use case for crypto.

For an authoritarian country, of course, it is not obvious to open up to crypto, which often means relinquishing control. However, for a country that has been enduring US-imposed sanctions for decades now, crypto can be a great tool of connecting to the world, economically and financially, not to mention the potential for developing a new crypto-related industry.

Iran should have reached a point where its sanctions-beaten economy took over its autocratic impulses: its Minister of Trade announced an agreement reached with the country’s Central Bank to authorise Iranian businesses the use of crypto in their international deals. He added that in some of Iran’s target markets, such as Russia, India, South-East Asia and China (still?) the use of crypto is common.

The world trade is slowly but surely slipping out of the American (dollar-based) control, and it looks like a good thing to us. We don’t want to debate whether USA can be the moral and economic guardian of the world (can it?), but we are glad that there is an independent and borderless money that everyone can use.