Draft of Iran's State-Backed Crypto Project is Ready

Draft of Iran’s State-Backed Crypto Project is Ready

Iran’s National Cyberspace Center has announced that the draft of the state-backed crypto project is now ready, news outlet Financial Tribune reports Saturday, August 26.

According to the article published by the local news outlet, the national cryptocurrency project was developed on orders from the President of Iran, Hassan Rouhani.

The deputy director in charge of drafting regulations for the country’s Supreme Cyberspace Council, Saeed Mahdiyoun, has reportedly told the IBENA, a local news agency, that the country’s cyberspace authority is actively pursuing the idea of launching a national digital currency.

Mahdiyoun also revealed that the Central Bank of Iran is set to reveal its official stance on cryptocurrencies and crypto projects by the end of September, removing the existing uncertainty around digital currencies.

At present, crypto operations are banned by banks and credit institutions in Iran, following concerns for illegal activities like money laundering that were raised in December last year.

Iran had earlier confirmed its plan to introduce a state-backed token to facilitate money transfer to and from any corner in the world, as well as to avoid the upcoming US sanctions.

Following the Venezuelan government’s move to launch the first national cryptocurrency Petro earlier this year, the government of Iran is exploring blockchain technology to overcome challenges within the country, including a ban on acquisition of U.S. dollars that was enacted earlier this month.

Earlier in August, it was reported that crypto ransomware threat is on the rise in Iran and there’s a high possibility it will grow even further in the current geopolitical scenario. According to a report published by Accenture, the detected crypto ransomware could’ve been created by some Iranian criminals or state-backed actors.

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