RATE Group | Iran ‘Preparing Ground’ for National Cryptocurrency to Dodge US Sanctions
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Iran ‘Preparing Ground’ for National Cryptocurrency to Dodge US Sanctions

27 Jul Iran ‘Preparing Ground’ for National Cryptocurrency to Dodge US Sanctions

Posted at 07:18h in Cryptocurrency News by

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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.

Quoted by local news media outlet ISNA and translated by PressTV, Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs, said plans for the creation of a working digital currency were already on its agenda.

“We are trying to prepare the grounds to use a domestic digital currency in the country,” Daliri told ISNA, continuing:

“This currency would facilitate the transfer of money (to and from) anywhere in the world. 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…

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