Iran to launch state-backed cryptocurrency to sidestep US sanctions

Earlier, the Iran Government banned private cryptocurrencies. But now  they are planning to start its own crypto:

As US sanctions loom, Iran is reportedly planning to launch its own crypto-currency, according to a 25 July story from the nation’s official news channel Press TV. The report claims Tehran is preparing to develop its own digital currency to circumnavigate impending sanctions from American President Donald Trump’s administration that, says the Islamic Republic, aim to cripple the country.

The sanctions come as Washington prepares to not just leave the international Iranian nuclear framework agreement but also penalize anyone that does business with Iran. It is anticipated that this will bring serious financial consequences to the country’s oil, banking and even its famous carpet trade sectors.

“We are trying to prepare the grounds to use a domestic digital currency in the country… This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions,” Alireza Daliri, deputy for management and investment affairs at Directorate for Scientific and Technological Affairs of the Presidential Office told Press TV.

Will be interesting to track this bit of news…

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