the Financial Tribune reports that Iran is about to allow payment for imports in bitcoins to circumvent the US embargo. The government and the central bank have given the green light after having already shown themselves in favor of it last spring.
At the origin of evil
The quarrel between Washington and Tehran is not new. The diplomatic break dates from 1953, following the coup fomented by the CIA and MI6 against the government of Mohammad Mossadegh to install a puppet there who would be overthrown by the Islamic revolution of 1979. This was followed in particular by the highly publicized takeover of hostage at the American Embassy.
The empire will take revenge five years later by pushing Saddam Hussein to invade Iran. Once the war has been won by Iran, the United States will change its tune by racking up embargoes after embargoes. They will culminate in 2012 with a disconnection from the SWIFT network which halved oil exports in a single year.
The country will be reconnected to the international financial system during the last year of Barack Obama’s mandate before being disconnected again by President Trump. After some protests, even India resigned itself by ceasing to import Iranian oil, unlike China which decided to defy the embargo on Persian naphtha.
Hence the trade war that erupted between China and the United States in the aftermath. The reason being that it is a frontal attack against the petrodollar which Iran refuses to accept in exchange for its oil. Nothing enrages the Americans more than to challenge their monetary hegemony.
China has planned to invest several hundreds of billions of dollars in infrastructure (deep water ports, refineries, etc.) which will allow Iran to once again become a major exporter of conventional oil. The country of Cyrus the Great has the second largest oil reserves in the world after that of Saudi Arabia. To which we can add the largest gas field in the world (shared with Qatar).
According to the Iranian press agency IRNA, the American embargo has prevented Iran from exporting 1.8 billion barrels of oil since 2018. That is a shortfall of 100 billion dollars. A situation that the Minister of Petroleum Bijan Namdar Zanganeh intends to change by soon increasing its production from 2.3 to 6.5 million barrels per day. Soon a petrobitcoin?…
Bitcoin vs SWIFT
The SWIFT network powers all international financial transactions. It is controlled by the United States and Europe, which claim the right to use it to decree embargoes. It is a financial weapon of mass destruction to prevent the targeted country from paying for its imports or having its exports paid.
Being disconnected from the SWIFT network is synonymous with economic collapse. Massive inflation, because few countries are lucky enough to have all the necessary resources. Luckily for her, Iran is bursting with energy, which is not bad.
By the way, the US is now threatening to disconnect Russia from the SWIFT network. Our most read article of the month of December deals with just this scenario.
Bitcoin is a formidable tool of emancipation for countries crushed under the boot of Uncle Sam. The fact that it is “ permissionlessis one of its most important facets, perhaps even more so than its finite money supply of 21 million units.
In this regard, Turkey would do well to take inspiration from its neighbor if it wants to stem the capital flight which is worsening its exchange rate and inflation. Find HERE our article defending this thesis.
Quoted by Financial Tribune , the head of the Organization in charge of promoting the trade of Iran Alireza Peyman Pak announced on Friday January 07 that companies will soon be able to trade with the rest of the world in cryptocurrencies:
” We are in the process of finalizing a mechanism that will allow importers and exporters to use cryptocurrencies in their international transactions. »
In other words, the Iranian central bank will use bitcoins mined on its territory to pay for imports with foreign companies that wish to do so. Mr. Pak clarified that there could be “restrictions in certain target markets, in particular in countries such as Iraq, Afghanistan or Pakistan, but not in our main markets such as Russia, China, India and Southeast Asia, where the use of cryptocurrencies is common…“.
Twelve million Iranians already own BTC or other cryptocurrencies. That is 14% of the population. It is also estimated that the equivalent of 180 million dollars are traded every day on Iranian BTC exchanges. thethinktankIranian Presidential Center for Strategic Studies, very close to power, even encourages targeting 11% of thehashrateoverall, compared to 3-4% currently…
Nicolas Teterel
Journalist / Bitcoin, geopolitics, economy, energy, climate
