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Iran is ready with the draft of its national cryptocurrency

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According to Iran’s local news outlet, the middle eastern country is ready with a draft on government-backed cryptocurrency.


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In April, the Iranian Government announced, it had developed an experimental local cryptocurrency just a few days after it’s ban on trading of all digital currencies including bitcoin.


After the decision of U.S. to pull out from Nuclear Deal and imposing strict sanctions on Iran, this decision is also a statement in moving towards self-centeredness from the country. The ban on buying U.S. Dollars and sanctions on crude oil coming in effect from November can also be seen as measures on that line along with an urgency to stabilize the trembling economy.


The report in the state-sponsored Financial Tribune specifies, “the plan to create a national digital currency is earnestly being pursued in the recent meetings of the High Council for Cyberspace”.


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Recently, The Government of Iran also fired Valiollah Seif, the governor of its central bank on the ground of not doing enough against the U.S. imposed sanctions, indicating how serious it is against the international economic turmoil.


The technological directorate of the Iranian Presidential Office, Alireza Daliri told the local media, as per Press TV, “We are trying to prepare the grounds to use a domestic digital currency in the country…this currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”


Iran is not new to this practice of launching government backed cryptocurrency, South American country Venezuela is also has a virtual currency called Petro, backed by its oil reserve. The U.S. responded to this move by imposing a ban on using Petro.

(Image courtesy – pixabay)

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