Iran Creates National Cryptocurrency in Response to Sanctions

August 30, 2018

Iran has published its plans to launch its own national cryptocurrency which is partially caused by economic sanctions by the US.

As Iranian Ibena news agency reports, the Central Bank of Iran has spoken of the “indigenous cryptocurrency” which is to be pegged to Iranian rials. The state-backed cryptocurrency will resemble Bitcoin as all transactions will be in blockchain but it will be unavailable for mining due to private infrastructure.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed”, Ibena affiliated to the Central Bank informed.

The domestic digital currency is considered as a solution for the country cut off from international payment networks with the around-the-glove money transfer technology. Provided successful tests with banks and financial companies the cryptocurrency may become public.

Iran isn’t the first country to enter the world of digital currencies as Venezuela has recently declared to take dramatic economic reforms that are going to adopt state cryptocurrency pegged to the country’s official one. Venezuelan Petro is backed by oil, gas, gold and diamonds and is purposed for skirting the US sanctions and granting access to the international financing.

During the month since the moment of the launch the US president Donald Trump has signed a decree to prohibit Americans invest in the Venezuelan cryptocurrency.

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