Iran Offers Missile and Drone Sales for Crypto, Using Digital Assets to Bypass Global Sanctions
Key Takeaways:Iran Turns to Crypto for Sanction-Resistant Arms SalesWhat Mindex Is Offering to SellHow Crypto Fits into the Payment StructureSanctions Pressure Drives Crypto Adoption
The shift is indicative of a larger trend with the highly sanctioned states resorting to digital assets to keep trade flowing. Using conventional banking, the counterparties are exposed to secondary sanctions, asset freezes, and being barred by the Western financial systems. Previous accusations by the US authorities against Iran are that Iran utilized crypto-linked networks to transfer hundreds of millions of dollars associated with oil sales and military operations. Over the past few years, Washington has imposed sanctions on individuals and organizations that are suspected to have done their banking through shadow systems and used cryptocurrencies to effect financial transactions without being regulated. The same action has been taken against Russian networks that have been accused of exploiting digital resources in order to evade sanctions as a result of the invasion of Ukraine by Moscow.About Author
