Iran and its state-owned cryptocurrency have long been questioned and it is likely that Iran will soon launch a national cryptocurrency backed by the legal currency, Rial. As soon as the Central Bank of Iran (CBI) approves its application, this national cryptocurrency will be issued to the Fintech organizations for testing purposes. However, the name of the new Iranian cryptocurrency has not yet been revealed, but the process of testing to ensure internal settlements and interbank moving.
Why a state-owned cryptocurrency?
The state cryptocurrency is still in the pilot phase and will be used primarily to reduce stress, financial payments, bank and retail banking arrangements.
Moreover, the new cryptocurrency will be used in a direct transfer. Significantly, it will employ in a distributed and one-to-one framework "for the transfer without the involvement of any institution, the central bank of the country, the managing director of Informatics Services Corporation (ISC) Seyyed Abotaleb Najafi.
Nonetheless, Najafi's company is contracted with the CBI to develop the national cryptocurrency, securing its use through banking services and evading the proverbial US economic sanctions against the oil-rich country of the Middle East.
He also supported that;
After obtaining the approval of the Central Bank of Iran [it] it will be used in the banking system of the country … in the first phase the blockchain banking infrastructure will be granted to the Iranian commercial banks to use it as a payment and payment instrument in transactions and in bank regulation.
Starting this new cryptocurrency as soon as possible would be the most critical decision for Iran and will probably help to overcome certain sanctions through untraceable banking transactions. Brigadier General Gholam Reza Jalali, Head of the Civil Protection Organization of Iran, says that the state cryptocurrency is a "big opportunity"
What do you think, the CBI will approve the new cryptocurrency supported by the state? Or will Iran continue to fall out of the list of receiving services from cryptocurrency exchanges? let us know