Iran Inches Closer to Unveiling State-backed Cryptocurrency | Al Jazeera

Islamic Republic's embrace of virtual currency could provide workaround as its economy takes a hit from US sanctions.

 

Shut out of the global financial system,Iran is inching closer to a workaround to US sanctions with the possible unveiling of its first state-backed cryptocurrency in the near future.

 

The virtual currency is anticipated to be announced at the annual two-day Electronic Banking and Payment Systems conference,which kicks off on January 29 in the capital,Tehran. The theme of this year's gathering is "blockchain revolution".

 

The blockchain is a fixed distributed ledger technology that allows a network of computers to verify transactions between two parties,as opposed to validating them through a trusted,third-party entity.

 

Details of Iran's new cryptocurrencywere revealed last summer, after the Trump administration started reimposing sanctions over alleged "malign activities".

Its a very good initiative by Iran government.It will help them to development of their economy.

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