An Iranian government minister has confirmed that an experimental model of a domestic digital currency is now ready, Reuters reported Saturday, April 28. The move closely follows the country’s recent banking blockade on cryptocurrency trading. Information and Communications Technology (ICT) Minister Mohammad Javad Azari-Jahromi was quoted by state news agency IRNA as saying; “The central bank’s [ban] does not mean the prohibition or restriction of the use of the digital currency in domestic development […] Last week, at a joint meeting to review the progress of the [domestic cryptocurrency] project, it was announced that the experimental model was ready.” Minister …

Bitcoin and sanctions--there is an interesting interplay between these two words. The word “sanction” is defined as “an economic or military coercive measure adopted usually by several nations in concert for forcing a nation violating international law to desist or yield.” Could this statement be applied to the international monetary system? A purported “International Community,” which is referenced as if it were a spontaneously-occurring legitimate broad consensus, but which is actually understood to be the United States compelling nations to adhere to a monetary system that uses US dollar settlement. Who benefits from this arrangement, and at whose expense? Silent …

Located in Isfahan, a city of 1.5 million people in central Iran, the company is happy to serve customers anywhere, but international trade sanctions against the country prevent the shop from receiving most forms of foreign payments. However, Bitcoin, as an unregulated digital currency that can be easily transferred, allows the shop to circumvent those restrictions. Previously, the only way owners could be paid was cash in hand due to sanctions by the UN, the United States, the EU and others. Wire transfers and payments via major credit card companies are impossible for Iranian businesses. Bitcoin immediately allowed Persian Shoes …