Iran Set to Launch National Digital Currency to Evade Financial Sanctions

Iran is making rapid moves to launch its national digital currency which would enable the country to avoid sanctions imposed by the United States and other western nations. It appears that financial authorities in the Asian nation trust that a cryptocurrency could bolster the economy and achieve the global financial market.

National Cryptocurrency in Iran

This isn’t the first occasion of hearing reports about Iran’s intention to venture into national virtual currency to dodge sanctions. As one of the few nations having essential diplomatic and financial clashes with the US, the country is doing all in its capacity to stabilize its economy.
Other nations in the same position, such as Venezuela and Russia, appear to be making appropriate moves towards launching their own virtual monetary standards. Without a doubt, Venezuela introduced their oil backed cryptocurrency, the Petro. Therefore, national cryptocurrencies seem to be one of the simplest and most inventive approaches to evade money related sanctions and lessen their reliance on different nations.
According to the Iranian news channel Press TV, the Minister of Information and Communications Technology, Mohammad-Javad Azari Jahromi, made the crucial announcement. He is presently working closely with Central Bank of Iran (CBI), keeping in mind the end goal of masterminding and suitably carrying out the process of launching the proposed virtual currency.
Up to this point, cryptographic forms of money have been viewed as unlawful in the nation. However, the minister could be considering the administration’s position on them sooner than expected. While talking to reporters, he was quoted saying:

“A new attitude that has been created in the government is that the digital money does not necessarily pose a security threat and can create opportunities for the country.”

Interestingly, the agency pushing for the Iranian national cryptocurrency appears to be the Post Bank, which is also working with the administration in other sectors. Post Bank’s representative, Khosrow Farahi, disclosed to the IRNA, that a comprehensive document containing details about the proposed virtual currency could be released soon.
As earlier said, Iran has a harsh stance on the use of cryptocurrencies in the country, yet that could suddenly change in the coming weeks. The government feels that cryptographic forms of money can enable the nation to escape sanctions imposed by western nations and help dispose of the US Dollar for eternity.
Judging from previous occurrences, the sanctions imposed by western nations had a profound effect on the Iranian financial and economic sector. Similar to the previous happening in Venezuela, we could experience the introduction of a second national virtual currency in Iran later in the future. As a nation that intends to embrace the use of digital currencies in its economy.

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