According to a local news report on August 25, Iran’s National Cyberspace Center has declared that the draft of the state-backed digital currency project is ready. As per the report, the national cryptocurrency project was created and developed on directions from Hassan Rouhani, the president of Iran.

The deputy director in command of drafting regulations for Iran’s Supreme Cyberspace Council, Saeed Mahdiyoun told local news organisation IBENA that Iran’s cyberspace authority pursues the plan of introducing a national digital currency. He also stated that the authorities will soon eliminate the current uncertainty around cryptocurrencies, by the end of September the Central Bank of Iran is set to release its official stance on the issue.

Currently, digital currency transactions are banned by credit institutions and Iranian banks, succeeding the money laundering issues that were initially raised in December 2017. Iran has recently announced plans to create its national digital currency to overcome U.S sanctions and to “facilitate the transfer of currency” to and from “anywhere in the world.”

Imitating with the administration in Venezuela, which launched its national digital currency Petro in February this year; this seems to be a desperate effort made by Tehran to challenge Washington While attempting to usurp the accelerating growth of Bitcoin in Iran. Russia probably backs Tehran’s digital currency pivot as a part of a joint attempt to build a whole new system for global financial exchanges to support their respective banks become “sanctions resistant.” Ironically, this aim to develop blockchain-based infrastructure for the nation’s banking sector comes as the Trump government has imposed sanctions that the U.S. suspended as part of the Iran nuclear deal.

As per the latest reports from a business insider, Iran’s crypto ransomware hazard is on the upsurge and will increase further in the present geopolitical environment where the authorities are trying to pave a way for the crypto market. According to the statement issued by global management firm Accenture, the identified ransomware could have been developed by Iranian criminals or administration-backed actors. Before going full scale on implementing cryptocurrency in the local economy, the Iranian government will have to deal with the above-mentioned problem.

Sukriti Leekha

Sukriti Leekha ,An Economics major by qualification, and writer by profession, Sukriti Leekha has been an active contributor to the blockchain space. As an economist, she is interested in the financial scope of cryptocurrencies, and as an individual, she is passionate about the latest technologies. When she is not researching, she spends her time travelling, exploring the entrepreneurial space, or losing herself in a book.

Sukriti Leekha

Sukriti Leekha ,An Economics major by qualification, and writer by profession, Sukriti Leekha has been an active contributor to the blockchain space. As an economist, she is interested in the financial scope of cryptocurrencies, and as an individual, she is passionate about the latest technologies. When she is not researching, she spends her time travelling, exploring the entrepreneurial space, or losing herself in a book.