Countries Increasingly Depending on Crypto Market

The ever-increasing demand of cryptocurrency has attracted the attention of many countries who are willing to trade in the crypto market. The recent news suggests that the Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL) have signed a cooperation agreement. Russia aims to provide Iran with the much-needed support to build the crypto economy.

Iranian Financial Institution recently was denied access to Swift, the international system that enables banks to transmit messages and transfer funds across borders. Therefore, the Russian-Iranian agreement will help Iran to widen its hold in the cryptocurrency market. The decision to trade in cryptocurrency comes days after the US reintroduced harsh sanctions and withdrew the Iranian nuclear deal.

Tehran, the capital of Iran, was earlier speculative about introducing the cryptocurrency technologies and trading in the crypto market. However, the country has now realized to use them to evade the sanctions laid by the U.S. In September, Tehran took steps to legalize cryptocurrency mining as an economic activity and regulate the import of mining equipment.

Russia can help Tehran to legalize its crypto sector that holds good potential in the near future. The head of the Russian crypto association was quoted as saying, ”In the current geopolitical situation, it is necessary to utilize that potential,” as reported on Bitcoin News.

Meanwhile, North Korea is also showing a keen interest in the cryptocurrency sector. The country is using unauthorized ways such as hacking exchanges and spreading malware – to fund their economy. Inksit Group, a cybersecurity firm, added more credibility to the news as it highlighted that North Korea is involved in false ICO projects and hacking to obtain crypto wealth to widen its market. Earlier this year, there were reports of North Korea being the driving force behind several cryptocurrency related attacks, particularly aimed at South Korea, according to Cryptoground.

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