Despite past doubts regarding cryptocurrencies, especially Bitcoin, Iran has jumped on to the virtual bandwagon consisting of nations developing their own cryptocurrencies. It’s been reported by the Ministry of Technology that one of Iran banks in working of creating a state-back cryptocurrency.
Mohammad-Javad Azari Jahromi, Iran’s Minister of Technology and Communications Technology has further stated, “In a meeting with the board of directors of Post Bank on digital currencies based on the blockchain, I … prescribed … measures to implement the country’s first cloud-based digital currency”.
Amidst this announcement, it has further been stated that the Central Bank of Iran has began working with other institutions in a effort to tighten its grip around cryptocurrency in Iran. There attitude concern cryptocurrency was initially negative, yet the notion was brought to light that their very own cryptocurrency could perhaps guide Tehran around sanctions that can be placed upon them by the Trump Administration as they are currently considering a reinstatement.
Three years ago, in 2015 we saw Iran, the United States, Russia, China, Germany, France, the UK and China reach a nuclear agreement that resulted in economic sanctions being lifted off of Iran in exchange for limitations on Iran’s nuclear deal. After Donald Trump was elected the United States President in 2016, he referenced his predecessor’s deal as the worst deal ever negotiated.
When it comes to most international payment networks, Iran is cut off from them. We’re talking Visa, Mastercard and even online services like PayPal. If you go to Iran, you can forget about seeing any of those.
After getting a view at the success garnered by Venezuela’s petro, the cryptocurrency that made them $735 million, we aren’t all surprise that Iran would have second thoughts about the cryptocurrency. No doubt it could pave a much more secure future for the country.