Iran Cryptocurrency Project Continues Despite Central Bank Banning

Recently, Iran made the decision to create a cryptocurrency project, also referred to as an experimental local cryptocurrency. The problem, that one would have believed to have come up, is the Central Bank’s ban. However, according to Information and Com-munications Technology Minister, Mohammad Javad Azari-Jahromi, the experimental local cryptocurrency will not be impacted in any way.

The Central Bank of Iran has decided to ban cryptocurrencies due to possible money-laundering concerns. This is not the first country to have made this decision, as several others like China, Russia, Vietnam, Bolivia and Bangladesh have also banned cryptocur-rencies for similar reasons.

Azari-Jahromi believes that Iran’s Central Bank’s decision to ban them was not, quote, “to completely eliminate the use of digital currency in domestic developments, but rather to avoid foreign currency from exiting in the current state of the country”. This decision was further backed up by stating how the lack of supervision can be of great concern.

Getting back to the project (local cryptocurrency), Azari-Jahromi also stated that the experimental model has been ready. The approval of the project is said to rest in the hand’s of the country’s banks.

Many believe that the ban has been placed in the wrong time, as economical relations between the EU and US will be determined on May 12, 2018. Will this negatively impact Iran? Will U.S restore the U.S economic sanctions on Tehran, especially after the 2015 disruption between Iran and the six major powers? More will be known in under two weeks time!

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