Iran will launch a national cryptocurrency this week

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Almost a year after the first rumors about the intention of Iran to launch a national cryptocurrency, the latest news published by the newspaper “Al Jazeera” reported that the national cryptocurrency will appear in the next seven days.

According to the report, the national cryptocurrency, which supported the Iranian Rial, can be represented on a two-day conference on electronic banking payment systems, which will begin tomorrow in Tehran.

Digital currency backed by the Central Bank (CBDC), is intended to be for Iran, a successful way to avoid harsh sanctions imposed on the country by the U.S. government, as well as the effects of disconnection of the country from the international settlement system SWIFT, which makes it impossible to receive payment for the export or import of goods.

The launch of its own payment solutions

According to reports, at the moment Iran will not use cryptocurrency for foreign transactions. The cryptocurrency, which will be launched in the near future, will support operations for the transfer of funds between Iranian banks and other institutions in the country. In the future it is planned that the cryptocurrency will simplify the purchase and sale of goods and the payment for the provision of services to the Iranian citizens.

Create a cryptocurrency that is supported by Rial, will allow Iran to participate in international trade, contrary to the established sanctions from the United States.

In November, the country’s leadership has teamed up with Russia and Armenia to develop blockchain payment system, which will have the same features as SWIFT. Although the exact timing of the deployment of a new blockchain of the project were not provided, a new Iranian bitcoin paves the way for the participation of the country.

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