Iran has confirmed it will press ahead with creating its own state-issued cryptocurrency to circumvent incoming U.S.. sanctions, local media Press TV reported July 25.
Besides, it can help us at the time of sanctions.” Technical details about the national cryptocurrency remain unknown, while a national encrypted key for the domestic banking system could see an introduction likely within the next three months following “ironing out” of inconsistencies.
Talk of Iran releasing a national cryptocurrency had surfaced months previously as the looming return of U.S. sanctions led to increasing calls for preemptive measures.
The country’s authorities had previously come out against public cryptocurrencies such as Bitcoin (BTC), in April banning banks from dealing with them altogether.
Like Venezuela’s state-sponsored token Petro, Iran now appears to be looking to blockchain technology to circumvent challenges, including a complete ban on acquiring U.S. dollars from August.
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.
Binance is facing a new legal challenge in North Dakota as more than 300 victims and family members of the 7 October 2023 attack accuse the crypto exchange of enabling transactions linked to Hamas before the assault.
Conexus, Venezuela’s leading payments processor, plans to integrate Bitcoin and stablecoins like Tether (USDT), into the country’s banking network. The payments giant, which handles roughly 40% of electronic transfers in Venezuela, is eyeing a blockchain-based interbank network.
Local banks will offer custody, transfers, and crypto-to-fiat exchange services. The bolivar’s sharp depreciation has driven a surge in stablecoin adoption. Conexus currently processes nearly 40% of Venezuela’s electronic payments.
This week’s top cryptocurrency headlines in Latin America focus on how digital assets are becoming more commonplace. Latin America is establishing itself as a worldwide hotspot for financial innovation fueled by blockchain and stablecoins, with Binance introducing QR code payments in Argentina and the region hitting record levels of crypto adoption led by Brazil and […]
This week’s top LATAM cryptocurrency news focuses on two key actions in the region: Banco Safra introduced Safra Dollar, a US dollar-backed stablecoin designed to make dollar exposure more accessible to Brazilian investors.
Latin America’s crypto scene continues to evolve, with new products and regional expansions highlighting its rapid growth. This week’s most notable news is that World (formerly known as Worldcoin) has taken a significant step toward the future of digital identity by announcing the launch of its program “Build LATAM” throughout Latin America, beginning with Mexico. Venezuela, on […]
