Iran To Create Rial-Backed Cryptocurrency To Bypass Donald Trump’s Enacted Sanctions

Iran to Create Country-Backed Crypto After U.S Limits Access to USD

Iran’s news platform, PressTV reported that Iran will be taking the mandatory actions to establish its own cryptocurrency. The decision stemmed out of necessity as the U.S not only withdrew from the 2015 Nuclear Agreement that prevented Iran from taking part in nuclear weapons, but also restricted the country from being able to use the USD.

With the restriction set to commence August 6, 2018, the country’s Science and Technology Department will be assessing the option under consideration. It has also been revealed that Alireza Daliri, lead of investment affairs, deliberated the plans for the projects adding that the Central Bank of Iran will also be contributing to it.

As per his quote, the preparations are taking place to “use a domestic digital currency in the country”. Coin Desk’s report suggested that the cryptocurrency will rely on Iran’s national currency, rial, which will help to initiate real life uses. For starters, it appears that main uses will revolve around domestic and overseas transactions.

Daliri also said that the timeframe for this project is about three months, with the first steps relying on the implementation of blockchain technology within the central bank’s system. He also disclosed on the group’s official website, that the overall “goal is to guarantee the success of those entering this field and conclude contracts in this field.”

This is not the first news of Iran’s kind, as Daliri previously shared the possible formation of a “mutual cryptocurrency”, which will serve the purposes of both local and overseas businesses.

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