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Iran Already Developing Its Own Cryptocurrency

It looks like the age of the country ICO is already here. Iran’s Minister of Information and Communications Technology Mohammad-Javad Azari declared today that a crypto-coin was to be developed locally.
On a meeting to explain the current stance of Iran’s Government towards cryptocurrencies, Minister Mohammad-Javad Azari stated that the Post Bank of Iran (a state-owned bank) was developing a crypto-coin. This coin would have to be reviewed by his ministry to be the only one approved for use inside Irani borders.
He also reinforced the stance of Iran’s Central Bank on the cryptocurrency matter, saying that the bank doesn’t recognize any crypto asset as a regular coin. “The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky”, he declared.
It would be a bold move for Iran to create its own crypto coin to circumvent economic and financial measures, but not an original one. Venezuela was the pioneer on this issue, issuing the Petro, its official cryptocurrency last week.

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