Iran to launch its own cryptocurrency

The government of Iran is making efforts to launch its own cryptocurrency in a bid to bypass international financial sanctions, Bitcoin.com reported referring to Iran’s Press TV.

The move resembles similar such initiative by Venezuelan President Nicolas Maduro who recently launched national cryptocurrency “Petro”.

According to the report, the Iranian Directorate for Scientific and Technological Affairs of the Presidential Office has already included the creation of a national cryptocurrency in its agenda.

Alireza Daliri, the Directorate’s deputy for management and investment affairs, made the announcement saying that a large number of domestic tech companies had the ability to develop a digital currency. He added that “they would still have to work on removing pre-launch flaws.”

He went on to say that the companies were developing the project in collaboration with the Central Bank of Iran (CBI).

“We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money [to and from] anywhere in the world. Besides, it can help us at the time of sanctions,” he said.

Earlier in April, Daliri had emphasized the support provided by the Vice-Presidency in the path of creation of digital currency in the country. He had also underscored the lack of any specific law in this area.