Iran Is Completing National Cryptocurrency Draft
Iran’s initiative to launch a state-backed digital currency has reached the final stage of development. The project was prepared on behalf of President Hassan Rouhani, the local news reported on Saturday with reference to the government’s official statement.
Saeed Mahdiyoun, deputy director responsible for developing rules for the country’s supreme council on cyberspace, told the Iranian news agency IBENA that the project is ready and will be officially announced in the near future. He added that the idea of introducing the national cryptocurrency was actively discussed at the last meetings of the Council.
Iran’s decision to develop a national digital currency was announced last month and is a response to the recent economic sanctions imposed by the United States.
In May, US President Donald Trump withdrew from the nuclear agreement of 2015 with Iran and simultaneously announced that the US would restore the previous economic sanctions against Iran, which also restricted Iran’s access to US dollars.
Iran had a stormy experience with cryptocurrencies. In November 2017, the Supreme Council for Cyberspace stated that virtual currencies are considered beneficial for Iran as long as they are regulated. At the same time, economic uncertainty, inflation and devaluation of Iranian rial encouraged the Iranians to switch to digital currencies. They bought a $ 2.5 billion cryptocurrency.
Mahdiyoun showed last week that the authorities will soon eliminate the existing uncertainty surrounding the cryptocurrency, as the Central Bank of Iran intends to present its official position on this issue at the end of September.