Russia and Iran discuss using cryptocurrencies in bilateral trade

According to the news of Russian news portal RBC, Iran and Russia may start using cryptocurrencies to avoid Western sanctions. as well as cited cryptocurrencies as a promising way to replace the interbank SWIFT payment system.

Pourebrahimi also added that he discussed this issue in the Russian State Duma Committee the day before and that Iran is in cooperation with Russia on this issue:

“Russia is the same as us at sight. We said that if we can advance this business, we will be the first countries to use cryptocurrencies in trade between the two countries.”

Pourebrahimi announced last week that a minority in the country has taken more than $2.5 billion out of the country to buy cryptocurrencies.

Venezuela, another country struggling with international sanctions, recently launched its oil-backed official cryptocurrency, the Petro.. Following the launch of the Petro, both Turkey and Iran have expressed interest in issuing their own state-backed cryptocurrencies.. It has been reported that Russia’s own cryptocurrency, CryptoRuble, will be released in mid-2019.

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