Iran Mulls ‘Indigenous’ Cryptocurrency Ahead of US Sanction

[Henrikbliss]

The Iranian government is reportedly looking to issue its own cryptocurrency as a way to bypass new economic sanctions enacted by U.S. President Donald Trump.

The country’s official news outlet PressTV reported that the government’s Science and Technology Department has added the development of an “indigenous” cryptocurrency to its agenda.

Alireza Daliri, the department’s deputy head in charge of investment affairs, confirmed that the project is already underway in cooperation with the Central Bank of Iran.

“We are trying to prepare the grounds to use a domestic digital currency in the country,” Daliri was quoted as saying in the report.

The cryptocurrency would back and tokenize Iran’s national fiat currency, the rial, in order to facilitate domestic and cross-border transactions ahead of the U.S. sanctions, which go into effect next month.

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