Iran is ready with the state-backed cryptocurrency draft

Iran is one of those countries that arguably is going to launch its own cryptocurrency very soon. After Venezuela made the Petro. a digital coin, its official currency, some other countries seem to be ready to launch their own digital money.

According to media, the President of Iran, Mr. Hassan Rouhani stated that the cryptocurrency “plan” is at the final stage of its development and soon Iran will have their state-backed digital coin.

It is interesting to note the major reason why Iran will be introducing a digital coin. It’s not really the innovation or the real belief that cryptocurrencies are the new fiat money. Many countries are turning to introducing their own cryptocurrencies, because their own national ones are deflating. The deflation of many currencies come from the strong US dollar, since may national currencies are pegged to the USD.

Now, with the new White House Administration, the sanctions that the US is imposing on many countries is putting extra pressure on the economic situation within those countries. One very recent example is Venezuela. In addition, Turkey is reported to be thinking of introducing their own coin, since the Turkish Lira is going down.

Iran may be introducing their own cryptocurrency, but the country is far from being the most supportive when it comes to digital coins. Last year, due to the enormous volume of cryptocurrency exchanges and holdings in Iran, the Iranian government took some drastic measures to regulate the “popularity” of cryptocurrencies, such as blocking certain crypto websites.


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