Iran Issues Its Cryptocurrency to Bypass the U.S. Sanctions

Iran Issues Its Cryptocurrency to Bypass the U.S. Sanctions

Iran is going to issue its own cryptocurrency as way to sidestep new sanctions enacted by U.S. President Donald Trump.

Preparing the Grounds to Adopt Blockchain Technology

The U.S. announced its withdrawal from a 2015 atomic agreement with Iran in May reactivating economic sanctions that will forbid Iran's access to U.S. dollars next month.

The plan to build up an "indigenous" digital money is on the agenda of the government’s Science and Technology Department, as indicated by Iran's official news outlet PressTV. "We are trying to prepare the grounds to use a domestic digital currency in the country,"  Alireza Daliri, the department’s representative head in charge of investments, was cited as saying in the report.

The cryptocurrency will back and tokenize the rial – Iran's national currency, to encourage transactions within the country and across the border ahead of the U.S. sanctions, which enter into force on August 6.  

Integration with the Central Bank of Iran

Daliri said on Wednesday that the project will be developed in collaboration with the Central Bank of Iran. His department aims to integrate the innovation throughout the following three months, revealing a digital money for general execution crosswise over local commercial banks.

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