During a recent international conference held in Yerevan, the capital city of Armenia, Russian experts struck a deal with Iranian representatives to offer them support in the development of their own crypto economy.
The two nations have been subjected to western sanctions lately and are seeking a way out. The agreement was reached by representatives of some of the leading industry organizations from both countries.
Two National Crypto Associations Agree To Work Together
The agreement was signed by the Iran Blockchain Labs (IBL) and the Russian Association of Cryptoindustry. IBL is an innovation hub that is tasked with the implementation of virtual technologies in the Islamic state. The Central Bank of Iran in collaboration with the Sharif University has been responsible for setting up the research and advisory center.
According to Yuri Pripachkin, the RACIB’s president, now Iran has a chance to take advantage of the expertise of Russian blockchain developers. He added that the U.S sanctions situation in the country is more complicated than in Russia.
Recently, it was reported that the nation was cut off from Swift, a platform that facilitates cross-border payments around the world. However, Pripachkin said an Iranian alternative to the global remittance platform is currently under ‘active development.’
Iran is also set to benefit from the support of Russian legal experts as it works on legalizing and regulating the new crypto sector.
According to RBC, the cooperation was agreed during the Chain Point 18 international conference that was held between Nov.14-15.
Mohammed Davatgar, the chief executive of IBL, signed the document, together with Yuri Pripachkin, the president of RACIB and Vigen Arushanyan, who is the president of ‘Nooor’ the Armenian blockchain association. Nooor is also participating in the joint effort.
The news of the agreement comes just a few days after the Iranian financial institutions were cut off from accessing Swift.
The global platform enables financial institutions to transmit messages and transfer funds across borders.
It’s a move that severely limits the options of making international payments to and from Iran. The nation is a major gas and oil exporter.
Now, as it turns out, the decision was reached after the U.S. decided to pull out of the Iranian nuclear deal and consequently reintroduce harsh economic sanctions.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.