GETTY Iran has developed its own cryptocurrency

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Mohammad Javad Azari-Jahromi, Iran's Information and Communications Technology Minister, announced a trial version of the state crypto is now ready. Mr Azari-Jahromi said: “Last week, at a joint meeting to review the progress of the local cryptocurrency project, it was announced that the experimental model was ready.” The digital currency was jointly developed by the CBI and Iran’s Information and Communications Technology (ICT) ministry and the announcement comes days after the CBI banned bitcoin trading amid money laundering fears. Mr Azari-Jahromi said: “The Central Bank’s ban does not mean the prohibition or restriction on the use of the digital currency in domestic development.

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“The CBI ban on bitcoin dealings was made out of concerns that the volatility in the crypto market could lead people to lose their assets. Bitcoin is not the one and only cryptocurrency.” The idea of a state backed crypto was first announced in February when the minister tweeted: “In a meeting with the board of directors of Post Bank on digital currencies based on the blockchain, I prescribed measures to implement the country's first cloud-based digital currency.” This development comes ahead of the expected return of US economic sanctions on Iran with Donald Trump's formal decision on the Iran nuclear deal to come on May 12. Iran banned bitcoin trading earlier this month blaming concerns over money laundering, after the rial crashed to a record low amid fears Mr Trump would pull the US out of the nuclear deal.