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Iran and Russia could turn to cryptocurrency as a solution to evade Western financial sanctions and reduce their dependence on the US dollar. Iran has been struck by a monetary crisis in recent months after its fiat currency, the rial, plunged to historic lows against the US dollar leading up to US president Trump formally withdrawing from the Obama-era nuclear deal with Iran. Russia has also seen international sanctions imposed by the United States and the European Union and a number of other countries in recent years following Russia’s military intervention in Ukraine.
In an effort to circumvent US-dollar-based commerce and escape their dependence on the global interbank system operated by SWIFT, Tehran is suggesting cryptocurrency as a solution in high-level discussions with Moscow, according to a report by Russian publication RBC citing major news agency Interfax. Iran’s Parliamentary Commission of Economic Affairs has already “obliged the Central Bank of Iran to start developing proposals for the use of cryptocurrency”, revealed the authority’s chief Mohammad Reza Pourebrahimi. “Over the past year or two, the use of cryptocurrency has become an important issue,” the official reportedly said. “This is one of the good ways to bypass the use of the dollar, as well as the replacement of the SWIFT system,” he added. The official made the revelation following a Moscow meeting with Dmitry Mezentsev, head of Russia’s Federation Council Committee on Economic Policy.
Notably, Pourebrahimi confirmed that he had already held discussions with the Russian Parliament’s Committee on Economic Policy with the report suggesting that Iran ‘has established cooperation with Russia’ in their cryptocurrency pact.
*This is not financial advice, just my thought*
Butterfly brain west stellar. Пеларгония звездчатая или стеллар. Этот сорт - карлик, кустику уже больше года, а он вот такой малыш. Обрезался один раз весной. Большой цветун, любитель солнышка, но "из-за спины" коллег.
В карликах есть своя прелесть и шарм, да и места много не занимают😁
Colorado has proposed accepting Cryptocurrency as donations for political campaigns. Do you think this will happen, and do you think other states will follow?! Comment your thoughts below! #coincounseling
On May 5, Bitcoin was less than $100 from reaching the $10,000 mark. Since then, Bitcoin has dropped to $9,300. Following the trend, the entire crypto market dropped more than $20 billion overnight.
What are your thoughts on this? Comment below! #coincounseling
Pablo Escobar's brother, Roberto Escobar, has developed his own cryptocurrency known as Diet Bitcoin.
The coin is currently in pre-ICO sale for $2 a coin. After the pre-ICO is over the price of each coin will drastically rise.
You can find more information about the coin on their official website. #coincounseling
This week IBM revealed a prototype micro-computer that is no larger than a grain of salt.
The micro-computer is 1mm X 1mm and can match the performance of an x86 CPU from 1990.
IBM claims this new micro-computer is a significant advancement for blockchain technology. #coincounseling
The Verge reports that Twitter is allegedly planning to ban cryptocurrency ads in the coming weeks.
This comes in the wake of both Facebook and Google banning cryptocurrency ads. The move is said to protect consumers from scams.
What are your thoughts on this? Comment below!
Bloomberg Technology reports that most crypto holders are millennials. According to the survey cited, only 8.75% of Gen Xers and 2.24% of Baby Boomers claim to have bought crypto.
This means that most people in the crypto currency market could still consider themselves early adopters, considering a large majority of the population has yet to buy in.
Comment your thoughts below and let us know your thoughts! #coincounseling