Iran Mulls Own Cryptocurrency - Reports
Iran is looking to dodge the impending US sanctions by – turning to cryptocurrencies. This was confirmed recently by the country's Minister of Information and Communications Technology Mohammad Azari Jahromi, according to local media reports.
The media are quoting Jahromi saying the country is already looking into building the necessary framework needed for a digital currency. A separate news report is saying Alireza Daliri, deputy for management and investment affairs at the Directorate for Scientific and Technological Affairs of the Presidential Office, confirmed these claims, as well.
“We are trying to prepare the grounds to use a domestic digital currency in the country,” Daliri told ISNA. “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.”
The project would be led by the Post Bank of Iran, which is currently preparing a tender for the development of such a platform.
Iran is currently waiting for the United States to re-impose the sanctions it lifted, after a nuclear deal between the two countries was agreed. This May, US president Donald Trump withdrew from the agreement and said the sanctions would be reinstated.
The sanctions, expected in August, would prevent Iran from buying or otherwise acquiring USD, as well as buying crude oil for its oil projects.
The Iranians are not the only people who think the sanctions could be, at least partially, circumvented with cryptocurrency. Bobby Lee, CEO and co-founder of BTCC, a crypto exchange, tweeted recently:
To Iranian President Rouhani: IF YOU REALLY WANT TO THREATEN PRESIDENT TRUMP, YOU SHOULD STOP USING FIAT MONEY, THE USD IN PARTICULAR, AND START USING BITCOIN INSTEAD, FOR ALL COMMERCIAL TRANSACTIONS; AND CONVERT YOUR NATIONAL RESERVES FROM GOLD AND FOREIGN CURRENCIES TO BITCOIN!— Bobby Lee (@bobbyclee) July 23, 2018