The Republic of Iran has revealed plans for a state-backed cryptocurrency tied to the country’s fiat currency, the Rial.

Local news outlet the IBENA is reporting that Iran’s National Cyberspace Center has completed its draft proposal for a national cryptocurrency at the request of Iranian president Hassan Rouhani.

According to Informatics Services Corporations, a central bank-affiliated entity, Iran’s new cryptocurrency will be backed by the Rial and developed on open-source Hyperledger Fabric technology.

The report also says that unlike existing decentralized cryptocurrencies like Bitcoin that are mathematically designed to control supply, Iran’s new cryptocurrency will be issued by their central bank at will. The digital Rial cannot be mined, and transactions will be recorded onto a private blockchain.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed,” IBENA explained.

The Deputy Director of Iran’s Supreme Cyberspace Council Saeed Mahdiyoun told the Iranian Daily that releasing the cryptocurrency would free the country from sections imposed by United States President Donald Trump.

Mahdiyoun also stated that the Central Bank of Iran could clarify its stance on cryptocurrencies by late September. Cryptocurrencies are currently banned in Iran, but this could change with the introduction of the digital Rial.

Back in May, it was reported that Iran and Russian were working closely together to utilize cryptocurrencies like Bitcoin to circumvent US sanctions. Iran appears to be close to realizing that plan.