Iran to introduce its own state-backed cryptocurrency

Aug 26, 2018 at 14:29 Update Date :Aug 26, 2018 at 14:29 UTC

The National Cyberspace Center of Iran has announced that the first draft of their new state-sponsored digital currency project has been completed, according to the local news outlets. They report that it was the Iranian President Hassan Rouhani himself on whose instructions the development of the new national cryptocurrency project began.

The deputy director who heads the drafting processes of regulations for the Iranian Supreme Cyberspace Council, Saeed Mahdiyoun has, according to reports, told local news agencies that the plan to achieve a new nationally sponsored digital currency is being worked on diligently by the Iranian cyber authority.

Mahdiyoun also explained that the Iranian authorities are also working to get rid of all the unpredictability surrounding digital currencies in the country, especially considering that the Iranian Central Bank is also ready to explain its official stand on the issue by the end of September.

As of right now, operations related to digital currencies were banned by the Iranian banks and credit institutions after the concerns of money laundering that first aroused suspicion back in December last year.

As reported earlier, Iran has issued confirmation that it wants to devil its own state-backed coin in order to avoid all the new upcoming US sanctions, as well as to “facilitate the transfer of money” to and from “anywhere in the world.”

Iran seems to be following the footsteps of Venezuela, the government of which issued the very first national state-backed digital token named Crypto in February this year. The authorities in Iran are aiming to develop blockchain tech that would satisfactorily evade crypto-issues in the country, which includes that total ban on the acquisition of US Dollars that came into effect earlier in August.

According to recent reports, the threat of crypto-based malicious programs such as ransomware in Iran is on the rise, and will foray further into the country’s industries, given the present geopolitical scenario. The report from international consulting agency Accenture, these detected ransomware “could have been created by government-backed actors or Iranian criminals.”

Leave a Reply

Please Login to comment
Notify of