Tehran: As per the state-controlled media reports, Iran will soon have its own cryptocurrency. The Government of Iran is all set to launch its own cryptocurrency – Iranian Govcoin. The sole idea behind coming up with its own cryptocurrency is that Iran wants to help the country in evading the international financial sanctions which are imposed to keep it away from the global economy.
Working on Removing Pre-launch Flaws
Iran’s Press TV reported that the Iranian Directorate for Scientific and Technological Affairs of the Presidential Office has started working on plans to create its own cryptocurrency. Alireza Daliri, the Directorate’s deputy for management and investment affairs confirmed the news. He quoted to ISNA news agency that a many Iranian tech companies posses the skills of developing a digital currency. Though, he underlined that “Despite the skills, they have to work on removing pre-launch flaws.”
He also informed that this project is being developed by the companies in cooperation with the Central Bank of Iran. He said, “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.”
Iranian Govcoin to Help in Bypassing American-led Economic Sanctions
The purpose behind using its domestic digital currency is to evade the economic sanctions by America. This is not new for Iran and it has gained prominence recently due to the Venezuelan Petro. The preparation of Iran Government for a potential govcoin does not come as surprise to the world as US President Donald Trump is continuously increasing pressure on the Iranian regime.
Bitcoin.com reported in May that the issue been examined by Iranian and Russian lawmakers jointly. The Chairman of Iranian Parliamentary Commission for Economic Affairs, Mohammad-Reza Pourebrahimi, raised the idea during a meeting in Moscow with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy. He explained at the time that the Russians “share our opinion. We said that if we manage to move this work forward, then we will be the first countries that use digital currencies in the exchange of goods.”