Iran also plans to introduce its own cryptocurrency


After the first round of the ICO of Venezuela’s state-owned cryptocurrency was a success, Iran now wants to launch its own cryptocurrency. The plans have been around for some time.

Contrary to all assertions, the Iranian central bank has declared that Bitcoin should not be accepted as a legal tender. At the end of last year, the Iranian Minister of Communications and Information said in an interview.
The Ministry of Information and Communication has already conducted numerous studies to understand Bitcoin. Currently, the infrastructure is being prepared to implement Bitcoin within the country.

Iran suffered a bank failure after SWIFT banished the country from its network in 2012. This blockade lasts a total of four years until sanctions against Tehran were lifted by the 2016 nuclear agreement.
During this time, alternatives were explored by Iran in order to escape the dependence of the SWIFT system. In Iran, there is a body that has high decision-making power in the area of ​​cryptocurrencies. Abolhassan Firouzabadi, a senior member of this “Council of Cyberspace,” told a local news agency:

We welcome Bitcoin, but we must draft regulations for Bitcoin and all other crypto currencies.

He also stated:

Many institutions in Iran are concerned with Bitcoin. Whether you buy Bitcoin, sell or mine, even startups establish themselves.

The country has been dealing with the matter and the opportunities and risks of cryptocurrencies for a long time.
Yesterday, Iran’s ICT Minister, Mohammed-Javad Azari Jahromi, publicly announced that Iran is driving the development of its own cryptocurrency (free translation):

At a meeting of the Iran Post Office managing directors of Digital Currencies and Blockchain, the necessary steps were taken to launch a pilot project for a state-owned cryptocurrency. The pilot model will be presented promptly for review and approval to the country’s banking system.

Thus, Iran follows the example of Venezuela, that on Tuesday could already collect 735 million dollars in the first round of sales of the country’s crypto wallet. Turkey also plans to introduce its own digital currency, the Turkcoin. It is quite possible that in the near future we will see more countries using the possibility of raising capital for their own country.

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