Iran introducing a national cryptocurrency to dodge US sanctions
Iran’s official news channel pressTV reported that the country is working on a national digital currency.
Iran’s own cryptocurrency
Iranian Information and Communications Technology Minister Mohammad Azari Jahromi told PressTV that the proposed digital currency is being developed as a collaborative project between Iranian technology companies and the Iranian Central Bank, under the direction of the Technology Office of the Presidential Office.
Obviously, most of the project is in full swing as developers work to eliminate vulnerabilities prior to launch. The currency will be available for both domestic and international use, but no further information has been provided on the technical specifications or economic principles of the new currency. It is likely that the Coin will be largely centralized and will not benefit from the security and autonomy of existing decentralized digital assets. At the moment, however, this remains a speculation, with authorities merely stating that the currency may include some smart contract features.
Currency developers are hoping that Iran will be able to avoid the crippling economic sanctions since May. The sanctions imposed by the US after President Trump shocked the world by failing to comply with a multinational agreement to improve relations with the target country have taken a heavy toll.
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