Iran to Introduce New National Cryptocurrency

As of now, Iran is currently exploring and developing a national digital currency as a means of countering US sanctions within the country following the withdrawal of the US from the latest nuclear deal with Iran. Following the sanctions placed after pulling out on the deal, August will see a ban on USD purchase and other sanctions will come into play. 


Domestic Coin

Reports from Iran have stated that a local cryptocurrency project is ongoing and the Central Bank of the Islamic Republic of Iran (CBRI) with several companies excelling in domestic affairs to collaborate and create the new cryptocurrency. As it stands, Iran has always presented a supportive attitude towards cryptocurrencies. In 2017, Iran was exploring BTC as a possible answer to the current block on global payment services. Earlier this year, the CBRI vetoed the idea and displayed negativity towards digital currencies and continues intervening and punishing companies that offer crypto-services.

On the 25th of July, Valiollah Seif, the former governor of the CBRI was fired by the government for failure to provide more sufficient and protective measures against the US sanctions being imposed on the nation. Alireza Daliri, technological representative of the presidential office in Iran stated that the government is attempting to ready the country for a domestic cryptocurrency and providing an international money transfer system to aid during the sanctions.

Amir Hossein Davaie, a telecom ministry advisor, stated that cryptocurrencies will first serve as a means of facilitating and bank transactions and with more acceptance and development, it may become a nationwide currency for use by the public. Another country adopting crypto under the same circumstance is Venezuela. In 2018, the country deployed the Petro, a national cryptocurrency connected to oil companies in South America and as a response, Petro was banned from the US. It’s the newest currency, the Bolivar, will be linked to the Petro coin as a means of handling inflation.

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