Iran Taps Into Cryptocurrency Payments For Advanced Weapons Trade Amid Sanctions, Economic Crisis: Report

In a move to circumvent Western financial sanctions, Iran is reportedly offering to sell advanced weapons systems to foreign governments in exchange for cryptocurrency.

Iran To Sell Missiles For Bitcoin?

Iran’s Ministry of Defence Export Center, or Mindex, is open to negotiating military contracts that allow payment in digital currencies, according to a Financial Times report published Thursday.

The state-run body, which oversees Iran’s overseas defense sales, is also considering barter arrangements and Iranian Rials as payment options, the report mentioned.

Mindex’s website offers a catalogue of weapons that includes assault rifles, ballistic missiles, drones, submarines, and short-range air defence systems.

Benzinga has reached out to Mindex through their website for a response.

The Economic Crisis Fueling Iran’s Crypto Push

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Shutterstock

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Iran To Sell Missiles For Bitcoin?

The state-run body, which oversees Iran’s overseas defense sales, is also considering barter arrangements and Iranian Rials as payment options, the report mentioned.

Mindex’s website offers a catalogue of weapons that includes assault rifles, ballistic missiles, drones, submarines, and short-range air defence systems.

Benzinga has reached out to Mindex through their website for a response.

The Economic Crisis Fueling Iran’s Crypto Push

Iran has considered cryptocurrency as a tool to bypass sanctions that have impacted its economy and curtailed access to international finance. It pivoted to Bitcoin (CRYPTO: BTC) mining and also signaled plans to regulate cryptocurrency, aiming to “eliminate negative impacts while leveraging positive effects” of digital currencies.

Last year, Iran got embroiled in a major conflict with Israel, which later saw the U.S. join in to bomb the sanctioned nation’s nuclear facilities. Earlier this week, President Donald Trump cautioned Iran against rebuilding its nuclear program, stating that the U.S. was aware of Iran’s activities and could back another major strike.

Apart from international pressure, Iran is also grappling with a deepening political and economic crisis at home. A nationwide shutdown triggered by escalating protests has severely impacted businesses, educational institutions, and government offices across 21 provinces in the country.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Shutterstock