Iran has finally unveiled plans to launch its own cryptocurrency during the annual two-day Electronic Banking and Payment Systems conference, scheduled to be held on 29th January 2019.

As per Crypto-News India, the step has been taken in a bid to circumvent the sanctions imposed by the US on Iran. The country’s central bank has also been removed from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. In response, the country has also announced its plans to launch a nationalized version of SWIFT Network in the near future.

Last year, Iran had already expressed its interest in switching to cryptocurrencies to fight against the falling values of Rial and prevent any economic collapse. And, due to the continuously falling value of Rials, locals have also started investing in gold coins and digital currencies.