BlockchainNews

Russia to Build Iran’s Crypto Backbone

The Russian Association of Crypto-Industry and Blockchain (RACIB) recently signed an agreement with Iran Blockchain Labs.

Iran Could Leverage Russian Crypto and Blockchain Expertise to Develop
Own Crypto

For a long time, the Iranians authority believed cryptocurrency is their only avenue for dodging American imposed economic sanctions. The country worked on developing its own national cryptocurrency but so far without any significant success. Latest information indicates that Iran is working with Russia allegedly on developing the new national cryptocurrency.

Russia and Iran recently involved in a cooperation agreement signed between the Russian Association of Crypto-Industry and Blockchain (RACIB) and an Iranian Blockchain entity. The Un-named Iranian Company is said to be a leading expert organization responsible for introducing digital technologies in Iran.

The President of the RACIB, Yury Pripachkin stated that for a long time, the association worked closely with its American partner Nooor. Nooor is a blockchain association of the United States of America. He further stated that Noor suggested RACIB cooperate with the Iranians during a blockchain conference. The conference dubbed ChainPoint 18 is an international conference which took place in Yerevan on November 14-15, 2018.

In their agreement, a consultant service will be granted to the Iranians to help create a sustainable mechanism for using the national cryptocurrency. While Reckoning on the agreement Pripachkin said,

“So far the agreement provides for collaboration through consultation. RACIB includes miners, traders, blockchain developers, information security specialists or lawyers. Russian developers and experts enjoy a rather good reputation abroad, so Iran’s interest in their experience is understandable. RACIB is a platform for the exchange of contacts, knowledge, and experience, including at the international level”

He continued to explain how the mechanism would work stating that, the mechanism should be aimed at creating a domestic market through the use of cryptocurrencies in daily life. Moreover, he mentioned that such uses could include at stores, petrol stations or in the pension system. He added that if investors see the market developing it would enable cooperation at international levels.

RACIB Russia

Could this be the Answer to the Aggressive US Economic Sanctions?

In countries hit by stringent economic sanctions and instabilities, an introduction of Crypto could restore some hope on the people. In Venezuela, individuals and legal entities can buy digital currency through the petro crypto website. However, the conditions in Venezuela has not yet stabilized despite the president’s initiative of the petro.

A lot of other countries are interesting in introducing national cryptocurrencies for a lot of assorted reasons. On whether the cooperation with the Iranians would help circumvent the US sanctions on Iran still remains a million dollar question. RACIB head said crypto is supranational and it is effective against prohibitive measures.

“There are a number of Asian exchanges, both large and medium scale interests in working in free economic zones that provide preferences for their activities. For example, Huobi is one of the large exchanges, and OKCoin is a medium-sized one. Everything will depend on the conditions offered under the Iranian jurisdiction,” Pripachkin concluded.

Meanwhile, the banking states in Iran is worsening with the latest sanctions aggression. This is forcing the country’s banks to cut off SWIFT. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. Cutting a country off SWIFT means it cannot transact with other banks globally.

Do you think the conditions imposed on Iran by SWIFT and the cryptocurrency exchanges Binance and Huobi refusal to deal with Iran due to American imposed Sanctions could be improved by the introduction of an Iranian National Crypto? Let’s discuss on Twitter and Telegram.

Summary
Russia to Build Iran’s Crypto Backbone
Article Name
Russia to Build Iran’s Crypto Backbone
Description
The Russian Association of Crypto-Industry & Blockchain (RACIB) recently signs an agreement with Iran Blockchain Labs to back them and become its backbone.
Author
Publisher Name
Coinpedia
Publisher Logo
Was this post helpful?
Let us know if you liked the post. That’s the only way we can improve.
Tags
Show More

Jacob Okonya

Since 2013, Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator.Jacob has contributed to blockchain, Bitcoin, and fintech news articles, for coinidol.com, bitcoinira.com, and other various channels. Jacob’s vision is to disseminate information, contribute to business marketing, and develop the cryptocurrency industry. At STREAMITY exchange, Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources. 39RTAmNRLQh3tLn5TJy6yY578vDVQuFVZw

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

4 × 2 =

Close