Iran has been at the cornerstone of U.S foreign policy ever since the Ayatollah Ruhollah Khomeini-led revolution deposed the US-favored Shah of Iran way back in 1979. Sanctions have been crucial to this effort, with the United States using its economic muscle and superpower credential to impose often-crippling sanctions on the West Asian country. The recent round of sanctions by the Donald Trump-led administration is thus just the latest salvo in the frosty relationship between the two countries.
However, Iran may have an ace up its sleeve. Okay, maybe not an ace. Perhaps, not even a face card. However, if optimistic Iranian reports are to be believed, the Persian country may have a way to mitigate the crippling effects of the sanctions imposed against it: Cryptocurrencies.
Yet, this isn’t an approach the Islamic Republic has come to take gradually, over time. Instead, ever since the first cryptocurrency came to being, Iran has been very hostile towards the same. What then has contributed to the country welcoming even the idea of cryptocurrencies? Well, it’s largely owing to the fact that Iran is running out of mainstream options. The scope of sanctions imposed by the United States and the international community is the reason why.
Iran’s relationship with sanctions
However, this isn’t the first rodeo Iran has been in. In fact, the country has been the target of economic sanctions imposed by the United States in 1979, 1984, 1992, 1996, and 2010, with the US going as far as targeting countries and entities that traded or invested in Iran, especially in its petroleum sector. The latest round of sanctions imposed by President Donald Trump, soon after he announced the US would be withdrawing from the 2015 Nuclear Deal, is perhaps the strictest of these measures.