Iran Speeds Up Project to Release its Own Cryptocurrency

· 13 Aug 2018 in Crypto News

Iran may be working in the last features of a national virtual currency that would help it avoid sanctions imposed by the United States and other western countries. It seems that officials in the Asian country believe that a virtual currency could help the economy and reach the international financial market.

Iran and its National Cryptocurrency

This is not the first time that we hear about the project of Iran and its national virtual currency. Iran is part of a group of countries, such as Venezuela and Russia, that are having important diplomatic and economic conflicts with the US.

These countries were working in order to create their own virtual currencies. Indeed, Venezuela created the so called Petro. National virtual currencies are one of the easiest and most innovative ways to avoid financial sanctions and reduce their dependency to other countries.

As the Iranian news channel Press TV informed, the announcement has been made by the Minister of Information and Communications Technology, known as Mohammad-Javad Azari Jahromi. He is now working side by side with the Central Bank of Iran (CBI) in order to arrange everything before the launching of this digital currency.

Until now, cryptocurrencies have been considered illegal in the country. But the minister could be softening the stance the government has on them in the near future.

About this information, he commented to reporters:

“A new attitude that has been created in the government is that the digital money does not necessarily pose a security threat and can create opportunities for the country.”

The enterprise behind the virtual currency may be Post Bank, which is also working with the government in many other fields. Post Bank’s governor Khosrow Farahi, explained to the IRNA, that a comprehensive document related to this digital currency could be presented during the next week.

As mentioned before, Iran has a very hard stance towards virtual currencies, but it could change in the coming weeks. Cryptocurrencies can help the country evade sanctions imposed by the strongest country on earth and get rid of the US dollar forever.

It seems that these sanctions imposed by western countries had a very deep impact in the Iranian economic and financial system. In the future, we could see the second national virtual currency launched and a new country moving towards cryptocurrencies, something similar to what Venezuela has done in the past.


photo courtesy of CNBC

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