RATE Group | Iran Will Launch Its Own Cryptocurrency to Bust U.S. Sanctions
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Iran Will Launch Its Own Cryptocurrency to Bust U.S. Sanctions

29 Jul Iran Will Launch Its Own Cryptocurrency to Bust U.S. Sanctions

Posted at 09:11h in Cryptocurrency News by

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Iran is moving ahead with a plan to introduce a national cryptocurrency, partly as a way of busting U.S. sanctions.

The Iranian government said in April that it had developed an experimental domestic cryptocurrency. With the U.S. having since pulled out of the Iran nuclear deal and restored more sanctions—a ban on buying U.S. dollars comes into force next month, and crude oil sanctions will follow in November—there’s a newfound urgency in the air.

Iran’s state-sponsored Press TV reported Wednesday that the “plan to create an indigenous cryptocurrency” was moving forward, and the central bank was working with “domestic knowledge-based companies” to develop the digital currency.

The Iranian central bank had long been cool on cryptocurrencies, to say the least. Last year, reports suggested Iran was looking at Bitcoin as a solution for the country being cut off from international payments…

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