Russian Experts to Support Iran’s Crypto-Economy Development

Russian experts are set to provide support in the development of Iran’s crypto-economy. The collaboration is part of an agreement forged by representatives of major industry organizations of the two nations, who are both under western sanctions.

The Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL) have already signed the agreement. IBL, the innovation center responsible for the adoption of digital technologies in Iran’s economy, has been founded by the Sharif University of Technology, with support from the Central Bank of Iran.

Yuri Pripachkin, the president of RACIB, states that Iran can take advantage of Russian Blockchain developers’ know how. He adds that U.S. sanction in Iran is more complex than Russia’s.

As recently reported by CoinWire, the Islamic Republic has been removed from Swift. However, Pripachkin discloses that an alternative to the worldwide interbank network is now in ongoing “active development.”

Legal experts in Russia can also provide support in Iran’s attempts to legalize and regulate its budding crypto sector. The RACIB president underscores the “supranational character of the instruments of the crypto-economy,” which according to him can be used in evading sanctions and restrictions.

RBC quotes Pripachkin as saying:

“In the current geopolitical situation, it is necessary to utilize that potential.”

The partnership was forged during the ChainPoint 18, an international convention held on November 14 and 15 in Yerevan. Pripachkin on behalf of RACIB, IBL chief executive Mohammad Davatgar, and Armenian blockchain association “Nooor” president Vigen Arushanyan signed the document. Nooor is also part of the joint endeavor.

The Russian-Iranian agreement comes in the wake of Swift’s removal of Iranian financial institutions. The move is expected to curtail the options for executing international payments to and from Iran, a top oil and gas exporter. The decision is taken after the United States backed out earlier this year from the Iranian nuclear deal as it reinstated severe economic sanctions.

Meanwhile, Iranian authorities, who used to be against the proliferation of digital currencies and other similar technologies, have learned to acknowledge their potential in circumventing the sanctions. Just this September, the Tehran government has taken steps in legalizing crypto mining activities and regulating the entry of mining equipment in the country.