Despite US Sanctions, Switzerland And Iran Continue Trading Thanks To Cryptocurrencies

It appears that Iran has been considering cryptocurrencies as a means of bypassing US sanctions. With digital assets becoming an increasingly viable option for payments, the country has been stepping up development in the space – which means that they could easily bypass sanctions and the US could do little about it.

Swiss companies have been waiting for the authorities to introduce legislation, and some believe it is not far off. Simon Fundel, President of the Swiss-Iranian Chamber of Commerce, said that he expects “the first transactions in the next three to four months,”

Last year, US President Donald Trump introduced sanctions on Iran that has made payments to the nation, which has made it difficult for companies to operate in the nation. The European Commission has since taken steps to ensure that legitimate businesses can function in the nation.

Russia too has been considering cryptocurrencies to bypass US sanctions.