Iran Pitches ‘Crypto Rial’ to 8 Countries for Transactions, Avoiding US-Dollar Led Global Commerce Altogether

Sanction-hit Iran is negotiating the use of its state-backed cryptocurrency with eight foreign countries, according to a Tehran Times report. The Middle Eastern nation had its representatives met with their counterparts from Switzerland, South Africa, France, England, Russia, Austria, Germany, and Bosnia. According to Mohammad-Reza Modoudi, the acting head of Iran’s Trade Promotion Organization, the meeting took place in hopes to lure foreign investors into the country. At the same time, the representatives also discussed how Iran would settle its global trades while hit by an international banking sanction. Digital Rial, as Tehran Times reported, was Modoudi’s response. Circumventing US

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