Russia and Iran are discussing using cryptocurrency in bilateral trade to prevent Western sanctions

According to Russian news portal RBC, Iran and Russia may start to use crypto money to prevent Western sanctions.

Mohammad Reza Pourebrahimi, Chairman of the Economic Affairs Commission of the Iranian Parliament, pointed to cryptographic currencies as a promising way to replace both the US dollar transaction and the interbank SWIFT payment system.

Pourebrahimi said he was in talks with Dmitry Mezentsev, the chairman of the Russian Federation’s Economic Policy Committee, to put the Iranian National Bank in charge of developing proposals for using crypto-currencies.

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

“Russia has the same opinion as us. If we can advance this business, we have said that we will be the first countries to use crypto money in trade between the two countries. ”

Pourebrahimi announced that some of the minority countries in the past week have moved out of the country to buy more than $ 2.5 billion worth of crypto money.

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Venezuela, another country that is struggling with international sanctions, recently drove Petro, the oil-backed official crypto currency. Petro ‘followed by the placing on the market of both Turkey and expressed their interest in removing their state-supported Iranian crypto-currency. It is reported that Russia’s own crypto-money CryptoRuble will be released in the middle of 2019.