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Swedish company starts using Bitcoin for investment in Iranian economy

The Swedish investment fund Brave New World Investments AB began to purchase shares of Iranian companies with Bitcoin. This is reported by Finance Magnates.

The fund was created because of difficulties related to international economic sanctions against Iran, which have generally been in force since 1979. In particular, the Swedish financial institutions fear to set up accounts and carry out transactions with Iranian companies.

The investment fund Brave New World Investments AB was established by Mairtin O’Duinnin and Mikael Johansson, the specialists in financing and technologies. This is the first Swedish investment fund, which provides an opportunity to invest in foreign companies’ assets with Bitcoin and without opening a bank account.

The funds attracted from investors would be converted to Iranian rials. And then they are invested in equities of Iranian companies traded on the Tehran Stock Exchange. Dividends to investors are paid in Bitcoin.

ʺThe sanctions against Iran were partially lifted in 2016. But Swedish banks are afraid to deal with Iranian companies. At the same time, there are no legislative obstacles to Sweden and the EU,ʺ Mikael Johansson said.

The entrepreneur also said that the fund would not cooperate with American investors because it was contrary to existing law of the United States.

The fund is accumulating a request log from investors interested in buying Iranian equities.

Iran has the fourth largest economy in the Islamic world and the second in Western Asia (after Turkey). This is the most technologically advanced country in the region with large reserves of oil and natural gas.

The sanctions imposed in 1979 limit Iran's contacts with Western countries and access to technology. In 2016, international sanctions were curtailed. However, the administration of Donald Trump announced new restrictive measures against Iran's economy in 2017.

It was previously reported that the Chairman of the Russian State Duma Committee for Security and Corruption Counteracting Andrey Luhovoy was confident of the ability of blockchain to help circumvent international sanctions.

Source: forklog.com

  • March 29, 2017 3:42 PM MSK
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