Iran Looks Into The Future of Cryptocurrencies

Bernard Obiechina
Sep 6, 2018 · 2 min read

Following recent developments in the digital world and technological innovation, countries in the Asian continent such as China, Korea, and Japan have recently demonstrated an immense interests in cryptocurrency. Last week, industrial and commercial bank of China announced to accept blockchain technology via partnership. While a city in Japan, Tsukuba, plans to test new blockchain technology in its voting system. Earlier this week, Iran, one of the world’s largest oil producers, looks into the future of cryptocurrencies to ease the economic activities in the country.

Iran’s interests in crypto technology is said to be motivated by Venezuela’s recently announced issuance of digital currency, Petro. According to IBENA, the Secretary of Iran’s Supreme Council of Cyberspace, Abolhassan Firouzabadi, Iran will recognize the mining of cryptocurrencies which focuses on managing monetary policy for industrial benefits. However, the establish of cryptocurrencies in Iran is expected to strengthen trade partnerships within its region.

Abolhassan Firouzabadi believes that mining of cryptocurrencies like bitcoin was “accepted as an industry in the government and all related organizations.”

However, the “related organizations” are Central Banks, Mining and Trade, Ministry of Communications and information technology, Ministry of industry and Ministry of Economic Affairs and Finance.

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