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Iran To Develop Its Own Cryptocurrency

Feb 24, 2018 Posted /  2648 Views

Iran To Develop Its Own Cryptocurrency

As per sources, the state government of Iran is planning to launch its own cryptocurrency. Recently, the information and technology minister of Iran, MJ Azari Jahromi tweeted that the government officials had a meeting with Post bank executives and decided to release cloud-based digital coin. This is the first initiative of the government towards blockchain technology and also a step towards international payment platform.

The step is considered as a dubbed action of Venezuela introducing an oil-backed cryptocurrency released on Tuesday. Currently, Venezuela is going through an economic crisis where a situation of hyperinflation and food shortage is prevailing. The fiat currency economy may also collapse. In such situation, the president of the country took this huge step which has been further opposed by legislative bodies and opposite parties.

The idea of generating country's’ own cryptocurrency has been prevailing for few years. Nations like Singapore, China, and Russia have been experimenting in the same field. The underlying technology of virtual coins, Blockchain has attracted many investors as the technology eliminates the involvement of the third party and promotes safe and instant transactions.

The Bank of international settlements acts as a regulator for central banks of various countries and commented on the experiments conducted by countries in the field of the virtual economy that the technology is efficient and maybe one day all institutions will release their own cryptocurrency.

Earlier the Iranian cyberspace secretary, Abolhassan Firouzabadi commented in November that the state will welcome regulated form of Bitcoins. But in a recent statement, the bank denied accepting Bitcoin as a currency.

"The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky," - Central Bank of the Islamic Republic of Iran

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Tags: cryptocurrency cryptocurrency Venezuela virtual token

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