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Julian_Williams

XRP pair to the Iranian rial (IRR) - Nobitex Exchg

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14 minutes ago, Julian_Williams said:

I think this might be controversial because this challenges America's stranglehold/embargo on trade with Iran through locking down SWIFT.

Yes but only US. EU is still doing business as usual with Iran. I am from EU so...

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6 minutes ago, Julian_Williams said:

The Iranian rial becomes the 44th fiat currency to be tradable with XRP. You can view a detailed list of all exchanges and currencies trading XRP/fiat, here at XRParcade. You can find more information about Nobitex here.

https://xrparcade.com/news/xrp-gets-its-first-pair-to-the-iranian-rial-irr/

Nobitex: http://iran.ahk.de/fileadmin/ahk_iran/Blockchain/Nobitex.pdf

I think this might be controversial because this challenges America's stranglehold/embargo on trade with Iran through locking down SWIFT.

Excellent news. :good:Many of us deeply detest the stranglehold of the 'US military backed petro dollar' on the world economy. I pray and hope that Iran can and will now trade it's oil in free cryptocurrencies. Let XRP be the Iranian choice of crypto for true economical freedom.

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9 minutes ago, cryptoxrp said:

Excellent news. :good:Many of us deeply detest the stranglehold of the 'US military backed petro dollar' on the world economy. I pray and hope that Iran can and will now trade it's oil in free cryptocurrencies. Let XRP be the Iranian choice of crypto for true economical freedom.

Yes that would actually be great if they would trade the oil against XRP instead of $ :) 

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Great news for Iranians.

I have been to Iran two times. (I am European, but have friends in Iran) I remember that it was a pain to bring money to the Iran. There are ATMs in Iran but it´s a closed system not connected to SWIFT or SEPA. I ended up bringing almoust 5k Euro in cash with me.

But that’s an even bigger problem for Iraniens. Iranians (unlike Saudis or Chinese) get passports and are allowed to travel as much as they want. So they do travel a lot and for that they have bank-accounts in Europe to have cach, ATM-cards and credit-cards to use in the rest of the world.

I assume XRP is a very good way to move money fast and cheap from rial to euros.

PS: I am European so I don’t care about any embargo from the USA. Actually my country (Austria) is (and was always) doing business with Iran.

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36 minutes ago, Julian_Williams said:

The Iranian rial becomes the 44th fiat currency to be tradable with XRP. You can view a detailed list of all exchanges and currencies trading XRP/fiat, here at XRParcade. You can find more information about Nobitex here.

OK now THIS is an interesting development, thanks.

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This is very interesting. When there's a direct ripple partner then I'll be really interested in how this will work due to the US sanctions and how a US company will deal with that.

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The U.S- Iranian sanctions do not limit digital currencies, or other economic activity (just certain economic activity) as described here:

https://www.cfr.org/article/return-us-sanctions-iran-what-know

Aug 6, 2018

"The United States has reimposed sanctions on Iran that it lifted just two years ago. President Donald J. Trump withdrew from the multilateral deal, known as the Joint Comprehensive Plan of Action (JCPOA), for “disastrous flaws” that he said posed a security threat. The return of U.S. sanctions is intended to restrain Iran’s behavior beyond nuclear controls but runs the risk of reviving a program to develop atomic weapons, experts say.

The Trump administration’s withdrawal from the JCPOA on May 8 reinstates two sets of sanctions. The first, coming into effect August 7, includes restrictions on:

Iran’s purchase of U.S. currency;

Iran’s trade in gold and other precious metals; and

the sale to Iran of auto parts, commercial passenger aircraft, and related parts and services.

The second set of sanctions, which comes back into force on November 4, restricts sales of oil and petrochemical products from Iran."

Edited by xrphilosophy

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16 minutes ago, carpetbelly said:

This is very interesting. When there's a direct ripple partner then I'll be really interested in how this will work due to the US sanctions and how a US company will deal with that.

I suppose it is illegal for an American company to trade with Iran?  But in payment terms could moneytap jump the payment embargo barrier? 

Edited by Julian_Williams

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12 minutes ago, Julian_Williams said:

I suppose it is illegal for an American company to trade with Iran?  But in payment terms could moneytap jump the payment embargo barrier? 

Youd think but I work for a bank and we;re not allowed to process transactions in USD or transactions with say a US bank anywhere involved in that transaction. Doesnt matter the use of the purchase in that instance at all.

And then Im aware of some banks just blanket avoid Iran full stop so as they dont have to deal with the costs of seperating out these transactions. I would imagine the ripple guys are all over it. And given XRP isnt ripple then there's the no issue. Meh, just thinking outloud, type of thing :)
As I said, interesting food for thought.

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