RATE Group | Iran Finalizes Draft on National Cryptocurrency as US Sanctions Sting
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Iran Finalizes Draft on National Cryptocurrency as US Sanctions Sting

27 Aug Iran Finalizes Draft on National Cryptocurrency as US Sanctions Sting

Posted at 17:07h in Cryptocurrency News by

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The Republic of Iran has revealed the details of its national cryptocurrency in response to the United States-led economic sanctions.

According to Informatics Services Corporations (ISC), a central bank-affiliated body, Iran’s future cryptocurrency is backed by Rial and is developed on the Linux Foundation-led open-source Hyperledger Fabric technology. In contrast to decentralized cryptocurrencies such as Bitcoin that are issued in compliance with a mathematical formula, Iran’s digital Rial is released based on the decision of their central bank. That said, Iranian digital currency cannot be mined, and its transaction records can only be accessed on a private blockchain.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed,” IBENA reported.

ISC also clarified its intention to use the digital rial as an interbank payment instrument in Phase One and local…

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