Iran and Russia want to collaborate in creating a block-chain-based money transfer system. A system which the Central Bank of Iran says can be a replacement for SWIFT.
Last week, SWIFT announced that it will cut Iranian banks out of its system. Although it did not directly mention the US sanctions against Iran, only four banks are still in the system.
In this regard, Iran has signed a collaboration contract with Russian Association of Cryptoindustry and Blockchain (RACIB) in order to bypass the US sanctions.
“A development of an Iranian SWIFT-like system is under consideration. Encrypted tools and methods are the most useful ones at the moment to bypass the sanctions and this is the right time to use such potentials”, said Yuri Pripachkin, President of RACIB.
Iran is also tightening its relationships with Eurasia members. The previous agreement to have Iran as a temporary member was turned into contract this week.