Iran developing digital currency
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.