Iran considers own national coin

Posted 26 July, 2018

Iran is about to develop and launch its own digital coin as a way to avoid new sanctions imposed by the USA.

According to the local media, the project will be realized in cooperation with the Central Bank of Iran. For now, the government's Science and Technology Department has already added it to the agenda.

For reference, the new US sanctions will come into force in August.

The new national coin will be backed by the Iranian real, which along with its tokenization may enable domestic and foreign transactions bypassing Donald Trump's sanctions.

"We are trying to prepare the grounds to use a domestic digital currency in the country," commented the official.

Washington stated in May that the USA would leave the Iranian Nuclear Deal and restore the sanctions against the country.

In addition, the Science and Technology Department also reportedly plans to power the Central Bank with a blockchain technology in the next three months. Notably, the national coin is said to be used mainly for transactions with local commercial banks.

It is worth mentioning that Venezuela also launched its national coin – El Petro, which is also considered as a way to avoid US sanctions.

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