Post
Topic
Board Economics
Re: Iran accepting cryptocurrencies to avoid US Dollar
by
DrG
on 04/11/2020, 05:18:06 UTC
It's pretty simple, Iran doesn't lack the means of paying its partners, it lacks partners!

You mentioned China and Russia

And these seem to be Iran's best partners right now (especially China). Besides, there is also Europe, which is not as strict on Iran as America (read, Iran will be buying Airbus instead of Boeing). As far as I know, Iran can still use euro, that is to say, European banks, which means it is not as bad for the ayatollahs as it it is reported in the mass media. A few years ago Russia was rumored to be selling more oil than it had been producing. Whose oil was that or whose oil was balancing out these exports provided the rumors had some relevance to reality?

So while it is possible for them to accept cryptocurrency as the payment, how is it possible for them to export their commodities without attracting unwanted attention?

Iran has been selling crude oil to China. This is not a secret

Yeah for all it's land territory and natural resources China was not blessed with dino juice. This is one of the reasons why despite Stalin being very powerful after WW2 there was very little conflict between USSR and China. They chose to keep the trade going on their "internal" border and exert influences on their external border. Iran has the oil, China has the semiconductors and the tech - Russia will just work as a nice envoy between the 2 haha.