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Blockchain technologies, particularly cryptocurrencies, have become a hot topic in Iran in recent years, just like in most other countries. Few tangible results have materialized so far, but US officials may have actually done a favor to Iran as they have significantly accelerated the development of blockchain-based projects. The unilateral reposition of US sanctions and a local push for transparency have pushed the Iranian authorities to turn more and more to the blockchain and all that it allows.
At least two virtual currencies supported by the state are underway, one conducted by the Central Bank of Iran (CBI) and the other by the Ministry of Information and Communications Technology. The authorities have reported that at least partially they will embrace cryptocurrencies. The head of the upper council of cyberspace, Abolhassan Firouzabadi, said on November 4 that the Iranian government accepted the cryptocurrency mining industry as an industry. It is expected that the CBI will divulge its regulatory position on cryptocurrencies in the coming months and recognize decentralized phenomena; while it is not clear what the degree of recognition will be, the expected move signals a turnaround from the general ban on the management of cryptocurrencies for financial institutions issued in April.
The latest example of Iran seeking to expand its blockchain development efforts came on November 14, when a trilateral cooperation agreement was signed with Russia and Armenia during the ChainPoint 18 conference at Yerevan, in Armenia. It was signed between Iran Blockchain Labs affiliated to CBI, the Russian Association of Cryptoindustry and Blockchain and the Armenian Blockchain Association. The agreement covers the transfer of knowledge and experience, participation in mutual consultations, participation in common working groups and awareness of blockchain technologies.
Al-Monitor has unsuccessfully tried to comment on the agreement of Iran Blockchain Labs. However, the president of the Armenian Blockchain Association Vigen Arushanyan said that the agreement "concerns the sharing of skills and experience among professionals from the participating countries", adding: "All three countries have an & # 39; Strong and prominent academy and technical and technological human resources, so it is natural to combine efforts for the development of emerging technologies ".
The president of the Russian Association of Cryptoindustry and Blockchain, Yuri Pripachkin, said that his group consists of players and companies representing various aspects of the Russian cryptic industry: miners, traders, blockchain technology developers, lawyers and information and security specialists. He said that the command that Russian developers and experts have on the subject is considered quite high by those outside the country ", so the interest of Iranian colleagues in the experience of domestic Russian]specialists is understandable. "Pripachkin told Al-Monitor:" We are waiting for Iranian colleagues to exchange the experiences, contacts and knowledge they have accumulated during their work ".
Practical applications of distributed register technology offered by blockchains are extremely diverse and promise radical transparency. The Iranian authorities have also started to exploit some of its various applications, as was announced at the beginning of August that the National Library and the archives of Iran will become accessible on blockchain. However, especially in light of the redeployment of US sanctions, Iran is now mainly focused on blockchain-enabled solutions in the financial sector.
In the comments made by the Russian RBK following the finalization of the trilateral blockchain agreement, Pripachkin said that it could prove particularly useful for Iran, where the situation is more complicated in terms of sanctions. "According to our information, an active development of an Iranian version of SWIFT is currently underway," he said, adding that cryptographic tools can be effectively used to bypass sanctions.
On November 5, the day on which the second tranche of US sanctions against the Iranian banking and oil industries came into force, CBI Governor Abdolnasser Hemmati said that the central bank has actively planned various sanctions scenarios. He also confirmed that the CBI has already started working to replace the Society for the Worldwide Interbank Financial Telecommunication (SWIFT). Shortly thereafter, the global financial messaging service based in Belgium yielded to US pressure and disconnected the CBI and several other Iranian banks. On November 18, the semi-official Fars News Agency quoted an anonymous banking official who also confirmed the work to replace SWIFT, and said that all Iranian banks and a number of foreign banks have already joined without naming no name. More recently, Russian President Vladimir Putin said on November 28 that Russia is "actively working" with partners to create financial systems independent of SWIFT.
According to Mohammad Tehrani, a senior member of the Blockchain Lab of Khatam University, the creation of a blockchain-based financial messaging service would involve two main dimensions: technical and commercial-legal.
"Blockchain's distributed register technology can provide the necessary technical bases for beneficiary countries, perhaps the Commonwealth of Independent States [CIS] nations, as members, "he told Al-Monitor.
The blockchain-enabled financial system could be pegged to gold, or a more sustainable supporter that could be a basket of currencies of the member states of Iran and the CIS. In this way, "If the rise in Iran continues to slip, for example, the impact on the overall currency will be limited," he said. For Tehrani, the most problematic aspect will be the elaboration of commercial and legal challenges. The cryptocurrency expert said that a multilateral blockchain-enabled financial messaging system would be nothing but a "ridiculous dream" that engaged in negotiations to elaborate the details.
The text of the trilateral blockchain contract does not mention any specific application, including a financial messaging service. Pripachkin said that Iran and Russia could potentially use cryptocurrency tools to facilitate international payments. "However, at the moment this is impossible due to the lack of legal status of cryptocurrency in Russian legislation," he said, adding that his association is involved in an ongoing legislative process concerning the cryptocurrencies of the Russian parliament.
Pripachkin said that the Russian association experts think that Iran should for now focus mainly on creating an internal market through the use of cryptocurrencies that will aim to improve the daily lives of citizens and increase transparency. "And if investors, including foreign investors, see that this market is working and actively developing, then the next stage will be access to the international level," he said.
For Arushanyan, even if countries use virtual currencies in the future and commercial banks cancel transactions, "they will probably face pressure from the international counterpart".
Fully aware of the potential ramifications of virtual currencies for its sovereignty, the United States has so far proved to be very careful in trying to monitor and curb the use of crypts by Iran. In a detailed notice published on October 11, the US financial crime network devoted a long chapter to the use of virtual currencies by Iran. The US Treasury Department has recently designated two Iranians accused of using bitcoins to facilitate "malicious activities" and payments. Perhaps more noteworthy, it was the first time that US sanctions targeted digital currency addresses.
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