Iran to Release Its Own Cryptocurrency in Next Three Months

The national cryptocurrencies are a space to watch out, mostly if you’re looking to enforce sanctions. According to the reports, Iran is one amongst the handful of countries having the national cryptocurrency on their agenda. They are all set to release their own cryptocurrency within the upcoming three months. However, this project was under development for a while, and currently, it’s in the phase of eliminating pre-launch flaws.

On Wednesday, Alireza Daliri, the Directorate’s deputy for management and investment affairs made an announcement:

“We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

Behind The Scenes

According to the press news, the cryptocurrency would tokenize and support Iran’s fiat currency. Nevertheless, this will be in place facilitating the cross-border and domestic transactions forth of the U.S. sanctions. The project seems to be effective within the next few months.

In May, the U.S. has taken back its name from the nuclear agreement with Iran accomplished in 2015. Alongside, they have reactivated the economic sanctions restricting Iran’s to access the U.S. dollars. However, this will be applicable from 6th August.

Daliri states that his department will focus on integrating the blockchain technology with the central bank within the coming three months. In addition to this, their intent is to roll out a national cryptocurrency for public implementation over the majority of the domestic commercial banks.

Although, this declaration aligns with the government of Iran’s ongoing support to develop the cryptocurrency while incorporating blockchain technology.

In accordance with the website of Science & Technology Department, early this month, Daliri mentioned at a meeting that he will accomplish “the path of creating the cryptocurrency in the country,” saying:

“Our goal is to guarantee the success of those entering this field and conclude contracts in this field.”

This news of Iran follows the lead of Venezuela. Similarly, Venezuela announced its own “petro” oil-backed cryptocurrency working against the U.S. sanctions. Nicolas Maduro, the country’s president claims the success for the token. In addition to this, the Trump’s administration has released an executive order for auxiliary sanctions against the petro. There’s also the report saying the Petro, Venezuela’s cryptocurrency is all set to go live on 30 August.

Let’s wait for the date of release when Iran will finally declare its cryptocurrency? What you think on this topic let us know on Twitter.