The government of Sweden has reportedly authorized a local business to create a mechanism based on a globally popular virtual currency to transfer funds to Iran. The move is already believed to have the potential to facilitate investing in the Islamic Republic where transferring money in and out became complicated as a result of years of restrictions as well as US primary sanctions.

Brave New World Investments – a blockchain startup based in Sweden’s Linköping – was reported by the media to have been able to create an investment vehicle to invest in companies traded in the Tehran Stock Exchange based on Bitcoin.

This took place after the Swedish Companies Registration Office – Bolagsverket – confirmed that the mechanism would not violate the existing US sanctions against Iran.