Iran Partners With Russian Blockchain Counterparts To Build Crypto Economy

Wilfred Michael 

Wilfred Michael

News reporter

16 November 2018,
Iran Partners With Russian Blockchain Counterparts To Build Crypto Economy

Iran will rely on a new partnership signed with Russian blockchain experts in other to build a strong blockchain and crypto industry.

According to a btcnews report, the Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL) have signed a new deal during an international conference held recently in the Armenian capital, Yerevan.

The deal will see Russian blockchain developers step into the Islamic Republic. The expatriates will use their expertise to help Iran execute crypto and blockchain projects, beginning with the soon to be launched Crypto-Rial.

A new blockchain advisory and research center was also opened at the Sharif University of Technology, Iran as part of the partnership deal.

RACIB’s President, Yuri Pripachkin, affirmed after the signing, that some ‘instruments of a crypto-economy’ could be harnessed by Iran to overcome the current geopolitical situation facing the nation.

It is worthy to note that both countries are facing different degrees of sanctions from the U.S government, and the new union of the blockchain industrialists look like old friends coming together to fight the same enemy. Russia is facing sanctions for an ongoing alleged occupation of Crimea while Iran is facing U.S sanctions for a different reason.

Seeking Cover From Sanctions

Iran’s move to explore cryptocurrencies and blockchain technology, reportedly came after U.S President Donald Trump announced that he was calling off a nuclear deal between both countries.

The annulment of the deal has now brought harsh economic sanctions on Iran making it difficult for the nation to participate in international trade since they can no longer exchange the native Rial currency for Dollar.

An alternative route was for Iran to launch a Central Bank-backed Digital Currency (CBDC) that would be accepted across the globe and backed 1:1 by the Rial. The Central Bank of Iran is expected to roll out the cryptocurrency anytime soon because the country has been cut off by international payment service SWIFT.