Iran de­vel­op­ing dig­i­tal cur­rency

Banking Frontiers - - News -

The Cen­tral Bank of the Is­lamic Repub­lic of Iran is pre­par­ing to de­velop a cryp­tocur­rency for the na­tion, mainly to over­come the hard­ships of a pos­si­ble fi­nan­cial sanc­tion by the US. The cen­tral bank is work­ing with sev­eral com­pa­nies in the coun­try on this project. The bank may be tak­ing a cue from Venezuela’s cen­tral bank, which has an­nounced plans to have a cryp­tocur­rency to cir­cum­vent US sanc­tions. The de­ci­sion comes even as the cen­tral bank had ear­lier banned banks and other credit in­sti­tu­tions from deal­ing in vir­tual cur­ren­cies. An of­fi­cial of the Direc­torate for Sci­en­tific and Tech­no­log­i­cal Af­fairs in the Pres­i­dent’s Of­fice in Tehran, said a num­ber of lo­cal com­pa­nies with the ex­per­tise of de­vel­op­ing vir­tual cur­ren­cies were work­ing with the cen­tral bank of Iran on this project.

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