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8 August 2018

Iran is Ready to Kickstart Its Own Cryptocurrency—Here’s Why

Struggling with new sanctions, their next solution could be something already forbidden.

To avoid current US penalizations, the Iranian government is developing what could be their own cryptocurrency in order to prevent a domestic economy crisis, involving trade and finances. The project is in the works with the Central Bank of Iran (CBI) as Alireza Daliri, current Directorate’s deputy for management and investment affairs stated.

With August starting, the ban over acquiring American currency is taking effect, and restrictions on crude oil purchases in November are getting closer. Persian authorities recently had a meeting with Russian politicians, who are struggling with the same measures and making an agreement to use digital currencies for the exchange of goods.

But they are not the only ones who are facing this situation. Venezuela, the South American country, well known for its massive oil reservoirs and production, has witnessed a drop in numbers, and vast deterioration in social areas over the last five years, even though the Venezuelan government created the digital currency Petro, the US is still pushing sanctions that would be extremely difficult to avoid.

Islamic countries have a particular conception of finances where debt interests are not allowed, goods like properties and gold can be used instead, all with institutional intervention. Several Middle Eastern nations are taking a complete turn regarding cryptocurrencies and blockchain, resulting in a truly unique circumstance to examine.

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