Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto

Iran’s National Cyberspace Center has revealed that the draft of the state-backed cryptocurrency project is ready.

Iran’s National Cyberspace Center has revealed that the draft of the state-backed cryptocurrency project is ready, local news outlet Financial Tribune reports August 25.

According to the article, the national digital currency project was developed on instructions from President of Iran Hassan Rouhani.

Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran's Supreme Cyberspace Council, has reportedly revealed to local news agency IBENA that the idea of introducing a national cryptocurrency is being actively pursued by Iran's cyberspace authority.

Mahdiyoun also stated that the state authorities will soon remove the existing uncertainty around cryptocurrencies, since the Central Bank of Iran is set to introduce its official stance on the issue at the end of September.

At the moment, cryptocurrencies operations are banned by Iranian banks and credit institutions, following the money laundering concerns that were first raised in December 2017.

As previously reported by Cointelegraph, Iran has confirmed it will create its own state-issued token to avoid the upcoming U.S. sanctions, as well as to “facilitate the transfer of money” to and from “anywhere in the world.”

Mimicking the practice of Venezuela, whose government introduced the first national cryptocurrency Petro in February this year, Iran authorities are looking at blockchain technology to circumvent challenges within the country, including a complete ban on acquiring U.S. dollars that was enacted in early August.

On August 7, Cointelegraph reported that Iran’s crypto ransomware threat is on the rise and will grow further in the current geopolitical environment. According to the report by global management consulting firm Accenture, the detected ransomware “could have been created by government-backed actors or Iranian criminals.”