Before all the Lambo memes, shady no-product ICOs, and get-rich-quick schemes invaded the scene, Bitcoin was meant to disrupt the current economic system. Today’s edition of Bitcoin in Brief showcases how that promise is starting to materialize in different fields, including the future of elections and geopolitics.
Iran and Russia Consider Bitcoin to Skirt Sanctions
Iranian and Russian lawmakers are jointly examining the idea of using cryptocurrency to bypass international and American sanctions. Mohammad-Reza Pourebrahimi, who chairs the Iranian Parliamentary Commission for Economic Affairs, raised the idea during a recent meeting in Moscow with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy. He explained that the Russians “share our opinion. We said that if we manage to move this work forward, then we will be the first countries that use digital currencies in the exchange of goods.”
Iran’s government-owned media Press TV reports that the country’s leadership “specifically started to look at bitcoin as an alternative monetary means to be used in trade after it became clear that European companies were failing to trade with Iran over fears that they would fall afoul of US primary sanctions.” It should be noted that the Iranian government is trying to stop its citizens from having access to global markets it seeks for itself, banning banks from dealing with crypto and even traditional foreign currency exchange shops. Still, Iranian citizens have reportedly sent more than $2.5 billion out of the country to purchase cryptocurrencies with.
US Politician Raises $100k From Crypto Community