As Iran Faces Pressure From SWIFT, Will It Find Solace in Cryptocurrency?

The suspension of services provided by the Belgium-based Society for Worldwide Interbank Financial Communications (SWIFT) to some Iranian banks might push Iran to launch its pending cryptocurrency. This move comes after the U.S toughens oil and financial sanctions in Iran.

What is the US – Iran Spat about?

Reportedly, the United States reimposed financial sanctions against Iran and pressured SWIFT to stop providing its services to blacklisted Iranian banks. They’ve restored sanctions that had been lifted under the administration of Barack Obama with the 2015 nuclear deal.

SWIFT is a Belgian-based messaging platform that processes cross-border payments. The entity helps in connecting over 11,000 banks and corporations and financial institutes in more than 200 countries. According to Al Jazeera, Steven Mnuchin, the US Treasury Secretary, said that SWIFT would be sanctioned if they continued “providing services to Iranian banks blacklisted by Washington.”

Thus, when SWIFT stops providing its services to a particular country, the country can be crippled financially because paying for imports and receiving money for exports becomes tough. The financial messaging service argued that they suspended some Iranian banks’ access “in the interest of the stability and integrity of the wider global financial system.”

Although SWIFT claims itself to be a ‘neutral global cooperative’, this recent development has raised a lot of questions on its neutrality.

If Iran gets blacklisted by SWIFT, the heat will turn up, and cryptocurrencies may be seen as the only ray of hope.

All Hopes on Rial Cryptocurrency

After months of speculation, an official document was released by President Hassan Rouhani in August revealing their plans related to the launch of Rial cryptocurrency which is a Hyperledger based stablecoin.

Keeping the recent developments in mind, it is expected that the Central Bank of Iran will roll out its newly-minted crypto anytime soon.

Speaking on this, Seyeed Abotaleb Nafaji, the CEO of Informatics Services Corporation, told that while the token was still in its pilot stage and is yet to gain approval, the Central Bank of Iran might now permit the Iranian banks to use it as an acceptable payment instrument.

Undoubtedly, facing trouble from SWIFT is a big deal, but it would be interesting to see how the state handles this with the effective use of crypto.

Related article:

Iran to have a state-backed digital currency

Nikita Mittal

An avid technical writer with more than 8 years of experience, Nikita is an engineer by profession and writer by passion. She writes all things about the cryptocurrency and blockchain.

Related Articles


  1. Speak To Your Doctor Ask your doctor for recommendations concerning where to get Cialis buy priligy Monitor Closely 1 grapefruit will increase the level or effect of tadalafil by affecting hepatic intestinal enzyme CYP3A4 metabolism

  2. Interestingly, as repopulation time goes by, newborn microglia 4 D, 14 D, and 1Mo showed decreasing similarity with P4 neonatal microglia but increasing similarity with steady state microglia Ctrl S8A Fig, suggesting that newborn microglia gradually regains maturity lasix renal scan

  3. buy ivermectin pills online One in every eight women will be diagnosed with breast cancer during their lifetime and approximately 70 of all patients are oestrogen receptor ER positive depending upon oestrogen for their growth accounting for third generation aromatase CYP19A1 inhibitors being the mainstay in the treatment of ER positive breast cancer

  4. hoe can i buy priligy in usa Examples of widespread prebiotic meals embrace garlic, onions, leeks, asparagus, spinach, seaweed, green bananas, and cocoa All the most effective well being and wellness recommendation, suggestions, methods, and intel, delivered to your inbox every single high sugar levels in blood symptoms day With that in mind, listed below are the signs of high blood sugar you have NM Crisis Line gaba for blood sugar to be conscious of, and what to do if you re experiencing them This is a quantitative take a look at, which means that you will discover out the amount of glucose present in your blood pattern Episodes of hyperglycemia for an prolonged interval results in either diabetic ketoacidosis or hyperglycemic hyperosmolar state

  5. Kızıl saçlı sik binicisinin en iyileri. 107 görüntüleme ;
    50,0% 05:16 Azgın kızıl saçlı kız tek başına. 31 görüntüleme ; 50,0% 27:
    39 Büyük memeli kızıl saçlı fıstık biniyor.
    40 görüntüleme ; 50,0% 17:43 Kızıl saçlı
    seksi orospu koca yarağı alıyor. 109 görüntüleme ; 47,6% 02:54 Kızıl saçlı kız

Leave a Reply

Your email address will not be published.