Sunday, 22 July 2018

Iran Develops Its Own Cryptocurrency

Cryptocurrency

TEHRAN: Iranian Minister of Communications and Information Technology Mohammad Javad Azari Jahromi says the Iranian cryptocurrency is being developed under a joint project involving the ministry’s ICT Research Institute, Central Bank of Iran’s Monetary and Banking Research Institute and the state-run Post Bank.

“Last week, in a joint meeting aimed at exploring the progress of the project, it was announced that the experimental model is ready,” he said, according to a report by the IRNA.

The announcement came after the central bank last Sunday banned Iranian banks from dealing in foreign cryptocurrencies, including Bitcoin.

“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” a central bank circular said, based on a ban on cryptocurrencies passed by Iran’s anti-money laundering body in December.

Cryptocurrencies’ underlying block-chain technology eliminates the need for a third party and allows for instant, irrevocable and secure transactions.

Iran joined the growing list of nations to crack down on cryptocurrencies, including India and Pakistan who made roughly similar moves in early April.

Azari Jahromi says the CBI ban does not cover home-grown digital currencies and it does not mean Iran will resist against cryptocurrencies, which could shape the future of finance world.

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