Austrian envoy proposes new method to nullify US sanctions against Iran

FNA – Austrian Ambassador to Tehran Stefan Scholz proposed parties to the 2015 nuclear deal with Iran to develop national digital currency and blockchain strategic plans to confront the US sanctions.

“JCPOA stakeholders could increase their influence within blockchain-based finance by developing National Digital Currency and Blockchain Strategic Plans as greater auditability that blockchains allow is a positive step for transparency in terms of AML/CFT,” Scholz wrote on his twitter page on Sunday.

His remarks came in reaction to a report in Forbes magazine which wrote that “states like Russia, Venezuela, and Iran are looking to build blockchain technology to develop sanctions resistance for their financial sector”.

The government of Iran is preparing to launch its own cryptocurrency, according to reports. The intended purpose of the new Iranian govcoin is to help the country skirt the US financial sanctions meant to cut its access to the global economy.

The Iranian Directorate for Scientific and Technological Affairs of the Presidential Office already has a plan on its agenda to create a national cryptocurrency, according to Alireza Daliri, the Directorate’s deputy for management and investment affairs.

He added that a large number of homegrown Iranian tech companies had the skills to develop a digital currency. However, he emphasized that, “they would still have to work on removing pre-launch flaws.”

Daliri added that these companies were developing the project in cooperation with the Central Bank of Iran (CBI). “We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”