Iran launches digital currency to circumvent US sanctions

Iran has taken effective steps to circumvent US sanctions, including the launch of a digital currency, in light of Washington’s attempts to exclude Tehran from the global financial system, as Iranian “Mehr” news agency reported.

The digital currency is expected to be announced at a conference on electronic and banking systems, to be held in Tehran on January 29-30.

In addition to the digital currency, Iran is waiting for the European Trade Mechanism, which aims to bypass US sanctions as well, and protects European companies cooperating with Tehran from Washington sanctions.

Washington, which pulled out of the international nuclear deal with Tehran in May 2018 and re-imposed sanctions on Iran, opposes the mechanism, and in the past months has tried to discourage Europeans from enabling Tehran to circumvent sanctions, highlighting Tehran’s missile program, Threatens the stability of the Middle East.

Iran is not the first country to try by digital currency to go beyond US sanctions.

Venezuela last year launched the “Petro” currency, and Caracas declared that the currency was supported by Venezuela’s huge oil reserves.