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Iran Launches Experimental Domestic Cryptocurrency Amid Political Tensions

By 05/01/2018 No Comments

Iran Launches Experimental Domestic Cryptocurrency Amid Political Tensions: Iran has been in the news a lot lately, especially with Israel’s revelations of nuke-related documents, and Iran denied any wrongdoings. All these, along with sanctions imposed by the US and president Trump threatening to pull out of the internationally signed Iran deal have been taking a toll on Iran’s currency, the Rial, which is losing its value day after day.

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In the meantime, the central bank of Iran effectively banned local banks and financial institutions from dealing with cryptocurrency businesses last week.

Despite this, it looks like Iran is getting feathered up to take part in the blockchain industry anyway. A senior minister from the Iranian government has revealed that an ‘experimental model’ of the country’s domestic cryptocurrency project is ready to take off. On Saturday Iran’s Information and Communications Technology (ICT) Minister Mohammad Azari-Jahromi confirmed they’ve been making progress with a domestic cryptocurrency project. The state crypto initiative is being led by the Post Bank of Iran, a state-owned bank based in Tehran.

 

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We still don’t have much detail about Iran’s cryptocurrency and how it would operate, but this might turn out to show that the blockchain industry could truly be at work to erase our economic borders and bring the countries closer to one another.

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