Central Bank of Iran Official: Blockchain No Solution for Sanctions

Divandari said different countries hold mixed views toward crypto-currencies, admitting the instrument is not formally recognized by the Iranian regulator



In light of the new round of US sanctions, there is speculation that authorities in Tehran may seek to circumvent the hostile economic restrictions with the help of blockchain and other financial and monetary technologies.

However, head of the Monetary and Banking Research Institute has dismissed such reports in their entirety, arguing that Iran's commercial and financial transactions are too heavy to be handled by newfound technologies like blockchain.

"Blockchain simply lacks the ability and capability to dodge sanctions. Suggestions like these are immature and farfetched," Ali Divandari told reporters Monday in the run-up to the eighth annual conference on Electronic Banking and Payment Systems slated for Jan.29-30.



SOURCE: FINANCIAL TRIBUNE