Iran: Crypto Adoption or Rejection?

The likes of Iran have had to endure the consequences of economic isolation for years, which affects the day to day lives of its citizens.

In 2015, Iran had economic sanctions lifted after the country agreed to dial down its nuclear programme to meet standards set out by International Atomic Energy Agency.

The 2015 lift on sanctions offered Iran a slight reprieve after years of being shut out by the global economy on numerous fronts.

The ability to use cryptocurrency to move money out of the country has already been noted in Iran.

In February, the IAEA had said that Iran was still in compliance with the deal, as reported by the Independent.

Iran and Russia in discussionsIn the wake of Trump's decision to pull of the Iran nuclear deal, Iran and Russia are believed to be considering the use of cryptocurrencies as a means to deal with US economic sanctions that cut off the use of the SWIFT transfer system.

Thoughts from IranThe geopolitical situation surrounding Iran is out of the hands of the common man on the street, yet Iranian people have managed to stay tech savvy over the years.

"As you know, Iran has faced various type of sanctions during last 40 years, but you should consider that Iranian young educated population is always adapted with the latest technological developments."

Kozhanov said the fact that the countries had opened discussions of using cryptocurrencies for bilateral trade and investment between Russia and Iran 'means they're quite serious about it.

"To be honest I'm not sure, first of all it's going to be first experience of using cryptocurrencies to facilitate trade. Iran hasn't done it before so to a certain extent, it's an experiment. Secondly the decision has not even been taken yet in Iran itself."