Cryptocurrency

Iran will create a national crypto to bust US sanctions

Iran may soon issue its own crypto as a way to bypass the new economic sanctions introduced by US President Donald Trump, obviously because there is no other way to get the country out of this economic asphyxiation.  The plan is currently on the agenda of the Iranian Ministry of Science and Technology, according to a press release issued by the government on the Iranian news site PressTV.

Alireza Daliri, Deputy Chief of Investment Affairs at this ministry, said some time ago that the project is continuing in co-operation with the Iranian Central Bank.

“We are trying to prepare the ground so that we can quickly create our own national digital currency,” Daliri said in a statement.

According to experts, the new currency will support and strengthen Iran’s national currency, the rial, in order to facilitate domestic and cross-border trade, since American sanctions are not going to stop, which will come into force for a long time, causing huge economic problems in the country.

Alireza Daliri said his division intends to integrate blockchain technology into the country’s central bank in the next three months, helping the new encryption to become globally applicable to all domestic commercial banks.

The current move from Iran follows the example of Venezuela, which launched its own currency called “petro” – also as a way to combat US sanctions. While President Nicolas Maduro celebrates this project, the Donald Trump government also issued a new executive order for additional sanctions against petro.

It is also worth noting that the issue of a new digital currency by Iran will certainly not solve the country’s financial problem, but it will bring fresh money to the public funds, which will undoubtedly be seen as a huge breath.