Central Bank of Iran Declares State-Backed Digital Currency Draft Ready

The Iran national Cyberspace center has announced that the state-backed cryptocurrency draft is ready, the agency also stated that its stance on digital currency would soon be brought to public knowledge. This was reported by a local news outlet, Financial Tribune reports on 25th of August.
Based on the publication, it can be inferred that the national cryptocurrency project was not developed by the initiative of the agency but from an instruction from the number one citizen of Iran, President Hassan Rouhani.

Drafting the Guidelines and Regulations

The Deputy Director in charge of preparing the supervisory guidelines and regulations for Iran’s Supreme Cyberspace Council, Saeed Mahdiyoun has been reported by a local news platform (IBENA) to have announced the initiative of developing a national cryptocurrency is passionately pursued by the National Cyberspace Authority of Iran.
Saeed Mahdiyoun further stated that the agency is working on a suitable and decisive stance of the state to eliminate the uncertainty hovering around the cryptocurrencies in the country. The Central bank of Iran is then set to introduce its position on cryptocurrency towards the end of September.
Though the operation of digital currency has been prohibited by the Iranian banks and credit institutions, which must have been triggered by the money laundering fears that was first raised in December last year, it is still not enough ground to speculate on what the position of the government is. We have witnessed several countries banning cryptocurrency and coming public in a later time to reconsider their stance on the adoption and use of cryptocurrency and the blockchain technology in general.

The State-Backed Token in Iran

It has been previously reported that the Iran government has announced its intention to create a state-backed token. This is in order to avoid sanctions coming from the United States and to also “facilitate the transfer of money” to and from “anywhere in the world.”
This shows that the Iran government is following the footsteps of other countries such as Venezuela whose government have introduced the first national digital currency, petro February 2018. Also, the Iran government is looking forward to exploring and exploiting the infinite potentials of the ingenious blockchain technology to tackle the challenges in the country which includes a complete ban on acquiring from United State that was passed in early August.
It was also reported that the Iran crypto ransom-ware threat is rising and will grow into the current geopolitical stratosphere. Based on the publication which was duly published by global management consulting firm Accenture, the detected ransom-ware “could have been created by government-backed actors or Iranian criminals.”

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