Russia and Iran Make an Agreement to Develop Blockchain to Bypass US Sanctions

Talk of a cooperation between Iran and Russia concerning bypassing the
sanctions imposed on the Middle Eastern country have been going on for
sometime. In an attempt to free itself from US dollar reliance, the Iranian
government had been exploring blockchain technology, as the sanctions found
the country removed from global payment provider, SWIFT’s, list of of countries
able to make cross-border financial transactions.

This has left the country, whose main GDP comes from the exporting crude oil, in
a financial quandary. To speed up Iran’s adoption of blockchain technology, they
have turned to Russia, by having the Iran Blockchain Labs (IBL) sign an
agreement with the Russian Association of Crypto industry and Blockchain
(RACIB). RACIB’s President, Yuri Pripachkin, is looking at the partnership as a
viable way to alleviate the pressure placed on Iran through the US’s Sanctions by
utilizing the expertise brought by Russian blockchain developers.

The IBL is a concoction created by the Central Bank of Iran and the Sharif
University of Technology. The organization is set to be the country’s innovation
hub responsible for the implementation and management for the country’s
blockchain economy.

The agreement which took place in the Armenian capital Yerevan, for the Chain
Point 18, an international conference held on November 14 and 15 also reported:

“The document was signed by Yuri Pripachkin on behalf of RACIB, Mohammad
Davatgar, the chief executive of IBL, and Vigen Arushanyan, president of the
Armenian blockchain association “Nooor,” which is also taking part in the joint
effort.”