The Iranian Government Is Preparing to Launch Its Own Cryptocurrency

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2 days ago | Avi Mizrahi | 2370 5 Comments
The Iranian Government Is Preparing to Launch Its Own Cryptocurrency
The government of Iran is preparing to launch its own cryptocurrency, according to state-controlled media reports. The intended purpose of the new Iranian govcoin is to help the country skirt the international financial sanctions meant to cut its access to the global economy.

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Iranian Govcoin
The Iranian Government Is Preparing to Launch Its Own CryptocurrencyThe Iranian Directorate for Scientific and Technological Affairs of the Presidential Office already has a plan on its agenda to create a national cryptocurrency, according to Iran’s Press TV. The news was announced by Alireza Daliri, the Directorate’s deputy for management and investment affairs. He told the ISNA news agency that a large number of homegrown Iranian tech companies had the skills to develop a digital currency. However, he emphasized that, “they would still have to work on removing pre-launch flaws.”

Daliri added that these companies were developing the project in cooperation with the Central Bank of Iran (CBI). “We are trying to prepare the grounds to use a domestic digital currency in the country. 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.”