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 had
surfaced months previously as the looming
return of U.S. sanctions led to increasing calls for preemptive
measures.
The country’s authorities had previously come out
against public cryptocurrencies such as Bitcoin (BTC), in April banning banks from dealing with
them altogether.
Like Venezuela’s state-sponsored token Petro, Iran now appears to be looking to blockchain technology to circumvent challenges,
including a complete ban on acquiring U.S. dollars from August.