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Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions

Finance Desk
Austrian Ambassador in Tehran Stefan Scholz said in his speech to a large gathering of foreign diplomatic representatives and Iranian business figures late Monday that one of the ways for safeguarding European interests in Iran is to tap the digital pay
Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions

The European Union may opt for digital currencies in its dealings with Iran, as it seeks to save the nuclear deal it signed with Iran along with other world powers in 2015 and now in tangible risk after the US move in May to leave the agreement. 
Austrian Ambassador in Tehran Stefan Scholz said in his speech to a large gathering of foreign diplomatic representatives and Iranian business figures late Monday that one of the ways for safeguarding European interests in Iran is to tap the digital payment methods and cryptocurrency channels. 
The envoy, however, said the move should come in tandem with observance of anti-money laundering rules, an area in which Iran is making progress after it was given another deadline by the Financial Action Task Force until October to implement the global body’s action plan. 
Iranian officials had in the past spoken of the potential of using digital currency as a way to bypass the US financial system and the use of greenback, as Iran remains cut off due to the US primary sanctions. 

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