It was reported earlier that the Iranian authorities could issue their own sovereign cryptocurrency, with the help of which they try to circumvent the economic sanctions imposed by the United States. As it was recently revealed, the work on the preparation for launching the national cryptocurrency of Iran is almost complete.

According to the available information, the Iranian cryptocurrency will be released on the Hyperledger blockchain platform. The authorities have already prepared a document detailing his plans to create a national digital currency, which should be launched on a closed-source blockchain platform based on Hyperledger Fabric.

Said Mahdioun, deputy director of Informatics Services corporation, responsible for developing rules for the Supreme Council of Cyberspace of Iran, said that the digital currency will be tied to the rate of the rial.

According to him, the Central Bank of Iran supported the idea of issuing a digital currency and by the end of September will determine the official position in relation to the cryptocurrencies.

First, the project will pass the testing phase, when only Central Bank will be able to use the digital money, but then commercial banks will also access the new digital infrastructure. They use the token as an interbank payment instrument. At the second stage of the project, the digital currency will be used everywhere for retail payments by the population of Iran.