Iran is working on developing its own digital currency, inspite of the central bank’s ban on all crypto-dealings. The central bank has ordered the banks and financial services to keep away from crypto-related activities. However, the Information and Communications Technology Minister of Iran has stated that they are developing their own crypto and Mr minister has cleared out the conceptions on the Central Bank’s ban.
Development of Iran’s state cryptocurrency:
Mr Mohammad Java Azari-Jahromi, the ICT Minister of Iran stated that Iran is experimenting with the state cryptocurrency and last week the progress of the coins were checked and the experiment was found successful. Even though Iran’s central bank is against all crypto-related activities, Mr Mohammed is certain that the ban won’t affect the progress of the crypto-development.
Progress of Crypto-making :
Mr Mohammed being the youngest minister of Iran is a man who believes in innovation and technology. He enlightened the media outlets that about 400 branches and 14,500 offices are working towards the development of the state cryptocurrency model. This experimental coins will now be reviewed by the banks and financial institutions. The minister further stated, “To date the results of this cooperation is good and the pilot sample is being implemented,” adding that “The virtual national currency would be backed up”.
Minister’s optimism of the outcome:
Mr Mohammed firmly asserts his view that this project on Cryptocurrency will bring revolutionary changes in the country’s economic state. However, he believes that proper research needs to be done before introducing the coins in the market so that no loopholes are left for illegalities.
Mr Mohammed commented on the Cenbank ban, “the ban on trading virtual currencies and bitcoin by the central bank as the financial and currency regulator of the country is due to preventing foreign currency from exiting in the current state of the country”.