Iran works on national blockchain platform and cryptocurrency

Iran is developing a national blockchain platform which will enable the country to build a money transfer network with its allies, an official at the Central Bank of Iran was recently quoted saying.

Speaking during a conference, Aboutaleb Najafi, CEO of Informatics Services Corporation – an executive arm of the central bank, said that blockchain technology has applications in several industries, adding that more that 10 percent of the world’s GDP will be on blockchain by 2027, IFP News reported referring to a report from Fars News Agency.

“With the help of banks, the private sector and all other stakeholders, we want to create a blockchain platform for banking [applications],” he said.

He added that the national blockchain platform will reduce the costs associated with small financial transactions and facilitate the creation of a money transfer network between Iran and its allies. Najafi went on to suggest that the country would eventually develop a national cryptocurrency, saying:

“The national cryptocurrency will be backed by the Iranian rial and issued by the Central Bank of Iran. It has no limitation and its infrastructure network is private blockchain,” he said.

Earlier this year, the central bank banned Iranian banks from dealing in cryptocurrencies such as bitcoin, over money laundering concerns.