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Alternative Market Briefing

Iranian government to roll out state-owned cryptocurrency soon

Monday, August 27, 2018

Laxman Pai, Opalesque Asia:

Iran's National Cyberspace Center revealed today (Sunday) that the draft of the state-backed cryptocurrency has been prepared at the behest of President Hassan Rouhani.

The local news agency IBENA quoted Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran's Supreme Cyberspace Council, saying that the idea of introducing a national cryptocurrency is being actively pursued by Iran's High Council for Cyberspace.

He stated that the state authorities will soon remove the existing uncertainty around cryptocurrencies, since the Central Bank of Iran is set to introduce its official stance on the issue at the end of September.

Currently, cryptocurrencies are banned from use by lenders, after over 2.5 billion Rials fled the country, said Mohammad Reza Pourebrahimi, chairman of Iran's economic commission.

A month ago, the Islamic Republic of Iran Broadcasting confirmed that the country will press ahead with creating its own state-issued cryptocurrency to circumvent incoming U.S. sanctions.

According to a Forbes report, the intention to create blockchain-based infrastructure for the country's banking sector comes as the "Trump administration has reimposed sanctions that the U.S. suspended as part of the Iran nuclear deal."

Local media said that a plan to create an indigenous cryptocurrency was already on the agenda of the Directorate for Scientific and Technological Affairs of the Presid......................

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