Iran Works On Its Own Cryptocurrency

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The Iranian Directorate for Scientific and Technological Affairs of the Presidential Office is getting ready to launch Iran’s own cryptocurrency. The reason – work around the international sanctions imposed on the country.

“We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money [to and from] anywhere in the world. Besides, it can help us at the time of sanctions.” – Alireza Daliri, the Directorate’s deputy for management and investment affairs explained.

Daliri mentioned that many local tech companies are capable of creating the digital national currency, but “they would still have to work on removing pre-launch flaws.”.

The project runs in cooperation with the Central Bank of Iran (CBI).

The Sanctions

US President Donald Trump announced that he will be re-imposing the sanctions and pulling out of the US-Iran nuclear deal. He also stressed that the sanctions he planned on imposing on Iran would be “at the highest level”.

The sanctions will include restrictions on crude oil purchases and investing in Iran’s oil sector. Also – the ban on acquiring US dollars, which will come into effect in August.

 

Do you think that cryptocurrency is a viable way to dodge the sanctions? Share your thoughts in the comments below!

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