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Iran eyes launching new CBI-approved, gold-backed cryptocurrency: Report

Tue, 16 Jul 2019, 03:51 am UTC

Iran will reportedly release a gold-backed cryptocurrency, which will be mined under the permission of the country’s central bank, local news outlet Mehr reported citing Shahab Javanmardi, CEO of FANAP, an Iranian information and communications technology (ICT) firm.

As per the report, the Central Bank of Iran (CBI) and a consortium of private IT firms will mine the forthcoming cryptocurrency.

The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is to ease potential use of Iranian bank’s frozen resources,” he said.

In addition, Javanmardi noted the lack of required regulations of the country’s crypto mining industry, and he is encouraging the government for the market’s standardization.

The latest news follows after Iranian authorities recently seized around 1,000 bitcoin mining machines, following a spike in electricity consumption. As previously reported, the latest move marks the Islamic state’s first step as Iranian Energy Ministry spokesperson Mostafa Rajabi warned that the government will continue to crack down mining operations in the country.

Earlier this year, Iran also moved to criminalize the use of Gram, the representative cryptocurrency of the TON blockchain, which is being developed by instant messaging service provider Telegram. It was reported that any cooperating with Gram’s launch will constitute an action against national security and will be dealt with as a disruption of the national economy.

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