2018-7-26 13:59 |
Iran may soon issue its own cryptocurrency as a way to bypass new economic sanctions enacted by U.S. President Donald Trump.
A plan to develop an “indigenous” cryptocurrency is currently on the agenda of the government’s Science and Technology Department, according to Iran’s official news outlet PressTV.
Alireza Daliri, the department’s deputy head in charge of investment affairs, said on Wednesday that the project is ongoing in cooperation with the Central Bank of Iran.
The cryptocurrency would back and tokenize Iran’s national fiat currency, the rial, in order to facilitate domestic and cross-border transactions ahead of the U.S. sanctions, which go into effect next month.
The reported move by Iran follows the lead of Venezuela, which launched its own oil-backed “petro” cryptocurrency – also as a way to fight U.S. sanctions.
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