According to Iranian official news outlet PressTV, Iran is preparing a national cryptocurrency as a solution to dodge returning US sanctions.
A plan to create an indigenous cryptocurrency was already on the agenda of the Directorate for Scientific and Technological Affairs of the Presidential Office, Iran’s media reported.
The announcement was made by Alireza Daliri, the Directorate’s deputy for management and investment affairs.
Daliri was quoted by ISNA news agency as saying that a large number of domestic knowledge-based companies had the expertise to develop digital currency. However, he emphasized, they would still have to work on removing pre-launch flaws.
The official added that the companies were working over the project in cooperation with the Central Bank of Iran (CBI).
The cryptocurrency is expected to be backed by the national fiat and aid in domestic and cross boarder trades.
Iranian government is making this plans in preparation to reinstatement of US sanctions which is inevitable since US pulled out of the 2015 Nuclear Agreement with Iran in May.
This move follows Venezuelan government who had also launched their oil backed Petro cryptocurrency to circumvent stringent US sanctions.