Iran Will Start Using Its Own Crypto-Currency

We have already mentioned that Iran wants to develop its own crypto-currency in our previous news articles. Apparently, that day may come sooner than anybody expected. Because, according to an official statement, soon the country will launch its own crypto-currency. According to a statement made by the Iranian Directorate for Scientific and Technological Affairs of the Presidential Office, the technology companies in Iran have reached to the last stage of this joint project with the Central Bank of Iran and now trying to solve the pre-launch problems. When we think that a government-supported project will move much faster, we can predict that the national crypto-currency will be ready to use within a few months at most. According to the official statement of the ISNA News Agency, “This currency would allow the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions. “

A crypto-currency can help Iran get rid of economic sanctions imposed by the US. A large part of these sanctions prevents Iran from benefiting from the global banking network. For this reason, it is very difficult, for example, to make a bank transfer abroad. However, since a crypto-currency will operate outside the global banking network, it can make most of the sanctions meaningless. The name of Iran’s crypto-currency is not clear yet, and it is not yet known how it can be bought and sold. But since it is a government-supported project, we can be sure that it will not provide anonymity.

Speaking Of Sanctions…

Developing a national crypto-currency is not just an Iranian practice to bypass sanctions. Venezuela’s own currency, Petro, will also be launched in August 2018. Bolivar, which the official Fiat currency of Venezuela, has no value at all anymore. (At the time of this article, 100,000 bolivars were worth $ 2.50.) Petro will be launched in the country as of August 20, according to officials. However, it seems that no one has any idea how the economic situation of the country will be restored by launching a digital currency. Iran promises more in this regard. Because Iran declared that it plans to use its crypto-currency in its commercial dealings with Russia, and Russia accepted this offer in principle. The use of digital currencies in trade affairs between countries can be a far greater revolution than you might think. Using a system that is not controlled by the Western banks and governments is a powerful development, which can change all the balances in the region.

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