Iran national crypto is ready, awaiting central bank’s approval for issuance

11 Nov, 2018
by Fifi Arisandi
Iran national crypto is ready, awaiting central bank’s approval for issuance

Iran has finalized the development of the national cryptocurrency and currently waiting for the approval from the central bank for issuance.

The development of Iran’s national cryptocurrency has finally completed, after months since the first time the news emerged, following the economic sanctions from the US.

The not-yet-named cryptocurrency is currently waiting for approval from the Central Bank of Iran (CBI) for issuance to banking institutions that will conduct testing in payments as well as internal and interbank settlements.

According to Seyyed Abotaleb Najafi, the CEO of Informatics Services Corporation (ISC), the new cryptocurrency can be used in a “distributed and one-to-one framework for transferring without any institute’s interference.”

Najafi, whose company is contracted by the CBI to design and develop the national crypto for use in expanding banking system services, emphasized that the new crypto is still in “pilot phase”, as reported by News Bitcoin

Furthermore, he said, “For Iranian national cryptocurrency, Rial has been chosen as a support, namely in exchange for each single national cryptocurrency unit, its Rial equivalent in the central bank’s account is blocked, therefore, it never creates liquidity.

If the new crypto is finally approved and used, Iran will be the second country in the world that creates and launches national cryptocurrency. As an important remark, both of the countries are currently under the sanction of the United States, which is the main reason of the creation and use of the national crypto.

Read more: 

Iran may use crypto to bypass sanctions, says leading government figure

Venezuela launches public sale of new national crypto, the Petro

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