Iran could create its own digital currency

Thursday 22 February 2018 10:43 CET | News

Iranian authorities have announced plans to launch the country’s own digital currency in a move that could help reduce Iran’s vulnerability to the impact of US-led sanctions.

Iran’s Minister of Information and Communications Technology said that the project would be led by the Post Bank of Iran, adding that the bank was preparing to announce a tender for developing the platform. Moreover, all Iranian tech experts were invited to participate in the upcoming tender of the bank – a bank which focused on e-banking and the development of Iran’s electronic banking infrastructure, according to local media.

The removal of economic sanctions against Iran in 2016 led to certain openings in the country’s commercial activities with other countries. However, the country is yet to fully benefit from the removal of the sanctions because some restrictions – specifically those that concern banking transactions with Iran – still remain.

Global banks and financial institutions also fail to process Iran-related transactions over fears of falling in a state of conflict with US’ primary sanctions that ban dollar-based services to the Islamic Republic. However, the success of cryptocurrencies over the past months opened a debate in Tehran to use digital currencies to evade the impact of sanctions.

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Keywords: cryptocurrency, digital currency, Iran, Post Bank of Iran, US sanctions
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies